Wells Fargo Home Mortgage has shut down its nonprime correspondent lending shop in Baton Rouge, La., as subprime loan production continues to contract."As a result of changing market conditions, we will no longer operate our Correspondent Alternative Lending channel," Wells Fargo vice president Teri Schrettenbrunner said. "We are exploring alternative options for fulfilling the nonprime needs of our correspondent clients. We will continue to serve the nonprime segment of the mortgage market through our retail and wholesale broker channels." The correspondent lending shop was shut down on June 29, and 13 positions were eliminated at the Baton Rouge office.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
18m ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27