Wells Fargo & Co. announced that it has named Yvette Hollingsworth as its chief compliance officer, effective June 1.
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Wells Fargo & Co. is taking its NeighborhoodLIFT program to Florida in June to help stabilize neighborhoods affected by the foreclosure crisis.
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Wells Fargo made a decision to terminate company employees with past criminal records involving dishonesty or breach of trust to comply with , the bank announced Thursday.
The decision to terminate team members over criminal matters that occurred prior to their employment with Wells Fargo may seem tough we recognize that these situations are difficult for everyone involved but laws and regulations related to the employment of bank employees are designed to protect the interests of all consumers who put their trust in financial service companies, Wells Fargo said in the statement.
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Parties to the landmark mortgage servicing settlement appointed one man to oversee $25 billion in compliance. In an interview with DS News, Joseph A. Smith, onetime banking commissioner for North Carolina and ex-nominee to head the Federal Housing Finance Agency, lays out the role he envisions playing as he monitors funds for homeowners, states, and the federal government. The settlement monitor speaks with an understated tone about his stewardship of the historic settlement, which 49 state attorneys general and federal officials completed in February.
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Based on a metric devised by Moody’s Analytics, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans. This was mainly due to shorter liquidation timelines that resulted in lower loss severities on liquidated or foreclosed properties, according to an article in Moody's ResiLandscape. GMAC's high metric is due primarily to shorter liquidation timelines and because the servicer maximizes cash flow on modified loans by keeping the re-default rates in line with the industry average even though it offers relatively low levels of relief in terms of principal and interest.
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Amid improvements in the mortgage sector, Wells Fargo & Company reported a net income of $4.2 billion, with earnings per share at $0.75 for the 2012 first quarter on Friday. Last year during the same quarter, the bank reported a net income of $3.8 billion, or $0.67 per share. The San Francisco-based bank also reported mortgage banking noninterest income at $2.9 billion, up $506 million from fourth quarter 2011. Mortgage originations increased as well, with the bank reporting $129 billion in originations, up from $120 billion reported in the fourth quarter.
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Despite the fact that key market indicators released in recent weeks have shown declines in home sales, anecdotal reports from real estate agents in the field suggest better days are ahead for the industry, according to commentary released Monday by the economic team at Wells Fargo Securities. Most agents are reporting "significant gains in buyer interest and sales," and as a result, Wells' economists have nudged their forecast for home sales slightly higher. They are expecting sales of existing homes to top out at 4.50 million in 2012 and rise to 4.65 million in 2013.
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The Securities and Exchange Commission (SEC) says it has filed a subpoena enforcement action with a California federal court against Wells Fargo & Company because the bank has failed to produce documents requested by the SEC. According to the filing, the SEC is investigating possible fraud in connection with Wells Fargo's sale of nearly $60 billion in residential mortgage-backed securities (RMBS) to investors between September 2006 and early 2008.
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Oklahoma residents seeking restitution under the state's mortgage settlement with the nation's largest mortgage servicers must apply for benefits by September 13, 2012. The agreement between Attorney General Scott Pruitt and Bank of America, Citigroup, Ally's GMAC, JPMorgan Chase, and Wells Fargo gives the state $18.6 million, all of which will be used to compensate residents wronged in the foreclosure process. Under the nationwide settlement, Oklahoma would have received an estimated $10.2 million, and most of it would have been "paid" in the form of credits for loss mitigation activities fulfilled by the servicers.
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Treasury says servicers participating in the Home Affordable Modification Program (HAMP) are getting better at evaluating homeowners for eligibility. Its latest performance assessment found no company in need of "substantial improvement." OneWest Bank and Select Portfolio Servicing performed at the highest level, needing only minor improvement. As part of the $25 billion settlement announced last month, Treasury has agreed to release incentives previously withheld from Bank of America and JPMorgan Chase.
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