Wells Fargo Is Shrinking Its Mortgage Business

Wells Fargo & Co.

is dramatically shrinking its home-lending business following a string of scandals and a recordGoing forward, the bank said it would largely focus on lending to existing customers and minority borrowers. It will no longer work with outside intermediaries who arrange loans on the bank’s behalf. The practice, known as correspondent banking, makes up nearly half of its mortgage originations.

Looks like the Central Banks are getting what they want. Is there anyone out there who understands this and can decipher it for the rest of us? Right now. it doesn't look that different.

Well Fargo is incredibly lucky that no Court has (yet) pierced the Corporate Veil and Assessed damages against the personal assets of Executives and Board Members. SHOULD happen; hasn't - yet.

Break up Wells Fargo

Lending based on race/ethnicity used to be called redlining. Or simply racism.

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Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing marketIt's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. WellsFargo is one of the most rotten, despicable banks out there. Love the employees and local branch bankers. Corporate management and leaders are absolutely terrible Hugh_Son it’s “correspondent business” not “correspondence”. 👍 Lol, it's a BS move. The guy giving the statement (Kleber Santos) is lying. He said that he is aware of the 2016 scandal regarding the banks and that shrinking the lending department is a remedy of this. I used to work for WF as a loan officer or HMC. The scandalous activity took
Source: CNBC - 🏆 12. / 72 Read more »