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The former college basketball player, who owns 94% of the Detroit-area mortgage lender, is said to be paying a record $4 billion for the NBA team.

The final rule also orders the government-sponsored enterprises to give advance notice of new activities to determine if they are subject to these procedures.

The bill will require the agency to codify the use of desktop appraisals.

Recent clashes over how much investors should get paid when borrowers switch to a new benchmark are a small part of a much larger struggle by global regulators to shift markets away from the scandal-tainted London interbank offered rate.

The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.

Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.

Lower rates brought some purchasers back to the market in November but activity remains lower than one year ago, the Mortgage Bankers Association said.

The real estate company said it spent over $500 million in the last 10 years on its advertising campaign.

In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."

The latest fluctuations in some subsets of the Mortgage Bankers Association's numbers suggest it's getting a little more difficult for entry-level buyers to keep paying their loans.