This might be a trick question. Wells Fargo is in the process (still) of tossing its broker network overboard, though I bet some its top producer shops will magically convert into mortgage bankers with the help of a certain megabank and its secretive warehouse division. We know that Wells is active in warehouse lending (but of course) but its commitments are kept at the Pentagon. As for wholesale lending, the channel has stabilized and it’s safe to say that no more megabanks will exit for the simple reason that none are left in the channel. Wells (going, going, gone), Bank of America (gone), Chase (gone), Citigroup (gone). And maybe that’s not such a bad thing for the brokerage community. It’s better to have many mid-sized providers than a bunch of megas giving you lousy menus.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
10h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24