Wells Fargo, once a mortgage giant, shrinks home-lending business

Wells Fargo said late Tuesday it was shrinking its home-mortgage business, aiming to serve its own bank customers as well as people in “minority communities.”

The stock edged lower in the extended session after ending the regular trading day down less than 0.1%. Mortgage is “an important relationship product,” hence the decision to continue to be a lender to Wells Fargo bank customers as well as minority home buyers, Kleber Santos, chief executive of consumer lending, said.

This is blatantly illegal.

ESG NOW CONTROLLING ALL BIG BANKS!

Banking is a money making enterprise, or so I thought, if there were money in DEI loans they would get made without resort to ethical coercion

They are cutting people in the mortgage division? Absolute shocker.

Are they looking to sell current mortgage positions? Read the article and still not sure exactly.

Criming will do that

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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 »