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...A year-long investigation instigated by Wells Fargo found no basis for the allegations....
...It ranks sixth, far behind the largest operators led by Wells Fargo, Chase and Bank of America....
...Home Mortgage....
...At the same time Wells Fargo, the number one mortgage lender in the US, matched analysts’ projections after delivering a 27 per cent increase in home loan volume, to $62bn, from the first quarter....
...The non-banks’ increased share of home loans comes at a time when big lenders such as Wells Fargo, Bank of America and JPMorgan are pulling back, according to a study by academics at Harvard’s Kennedy School...
...After carving out the legacy asset servicing business, to work through delinquent home loans, he started in 2011 to cut costs....
...“We’ve been providing relief prior to NMS and continue to provide opportunities to customers experiencing hardship,” says Alan Jones, senior vice-president in Wells Fargo Home Mortgage’s servicing group....
...New York’s Department of Financial Services last week halted the sale of $2.7bn of mortgage-servicing rights from Wells Fargo to Ocwen, citing concerns over the company’s ability to service more loans....
...On Wednesday Citi sold $10.3bn in mortgage servicing rights as it pushes ahead with the wind-down of its bad bank....
...Wells Fargo, the biggest originator of home loans, has cut more than 4,000 jobs in recent months....
...In six similarly-worded suits, filed on Wednesday at the Supreme Court in New York, the investors alleged that the banks – which also include Citigroup, Bank of New York Mellon, US Bancorp and Wells Fargo...
...The banks with the largest demands from Fannie who are yet to settle are Wells Fargo and JPMorgan Chase....
...In a separate settlement, 10 mortgage lenders, including BofA, Wells Fargo, JPMorgan Chase and Citigroup, agreed to pay more than $8.5bn to settle regulators’ allegations that they were guilty of widespread...
...Another $5.2bn will be allocated to modify the terms of outstanding home loans. Wells Fargo said it would record a fourth-quarter pre-tax charge of about $644m....
...mortgage servicing rights....
...The mortgage servicing business is dominated by the large banks, such as Wells Fargo and Bank of America, but new regulations have made the business less attractive to the sector and there is a trend of...
...Wells Fargo, Bank of America and JPMorgan Chase service 46 per cent of mortgage debt. However, private equity-backed groups have been making steady inroads....
...Government officials and congressional aides say that Wells seeks to affect mortgage policy on technical issues such as the capital treatment of mortgage servicing rights and more broadly by trying to convince...
...Wells Fargo, now the dominant force in US home loans, enjoyed record earnings last week....
...Fargo, JPMorgan Chase, Citigroup and Ally Financial will be forced to improve their mortgage procedures, reduce borrowers’ loan balances and monthly payments, and make about $4.2bn in cash payments to an...
...The four largest mortgage servicers in the US – Bank of America, JPMorgan Chase, Wells Fargo and Citigroup – are also the largest owners of second-lien mortgages and home equity lines of credit....
...JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are among the banks under scrutiny, the newspaper says, in an investigation into “force-placed” insurance....
...State officials, who for years have dealt with a litany of mortgage-related complaints from their constituents, would gain the ability to monitor the loan servicing operations of BofA, JPMorgan, Wells Fargo...
...Related links: Wells Fargo profit misses view; shares slump – Reuters US housing feedback loops – FT Alphaville...
...Only Wells Fargo increased the number of mortgage contracts it services for others. Tim Sloan, Wells chief financial officer, said the lender’s mortgage division would continue to expand....
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