Wells Fargo pulls back from mortgage market it once dominated

over the last year as long-term rates surged in response to the Federal Reserve’s slate of supercharged rate hikes. The average 30-year fixed-rate mortgage was 6.48% as of last week, nearly twice as high as it was during the same week one year earlier.

As part of its reshuffling, Wells Fargo announced that it would invest $100 million “to advance racial equity in home ownership, including strategic partnerships with non-profit organizations and community-focused engagements.”agreed to pay a record $3.7 billion The institution was accused of various violations across its mortgage, auto loans and banking divisions – including a charge that it improperly rejected thousands of customer applications to modify mortgages. In some cases, the rejections caused the customers to lose their homes to foreclosure.

Pulling back because covering up and defending themselves against criminal allegations is getting harder and more expensive. WellsFargo

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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 »