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The California Reinvestment Coalition, the group behind the assessment, is calling for increased nonbank oversight.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

Only a few home lenders have moved to settle the legal claims, while many have denied wrongdoing.

Other positions are being eliminated nationwide, with just 50 to 60 people remaining to manage the company's mortgage servicing rights.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

William Demchak of PNC, Brian Moynihan of Bank of America and William Rogers of Truist had their total compensation reduced last year, as stock prices across the industry fell. The previous year, pay for bank chief executives had soared by more than 20%.

Also, MISMO names new president, Mr. Cooper appoints chief officers, Cenlar, Dovenmuehle add to servicing teams and Fairway goes in on reverse lending.

The company counts nearly 2,000 employees on LinkedIn, and operates two wholesale divisions alongside the impacted retail channel.

The San Francisco bank said the move is designed to "foster closer alignment with the shareholder experience and signal commitment to the bank and all of its stakeholders." The company's stock price has fallen 89% this year, and government officials have reportedly been working with industry leaders on a rescue deal.

Harold Lewis, the former president and chief operating officer of the organization now known as Mr. Cooper, will fill the same role at the company he's joining.