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Home | Tag Archives: Wells Fargo

Tag Archives: Wells Fargo

OCC: Servicer Report Card

The Office of the Comptroller of the Currency released its first quarterly Mortgage Metric Report for 2017, detailing servicing data for seven major national banks. See how they fared compared to last quarter.

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Tear-Down Starts Boast Year-Over-Year Increase

A recent estimate of single-family tear-down starts in 2016 calculated that the number has increased from 2015’s average. A tear-down start is defined by a home that was built on land that was once previously the sight of another structure. And while these figures are only estimates, the report finds that the increase in tear-down starts in indicative of the continued recovery of the single-family housing market.

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Builder Confidence Shaky as Labor, Lot Shortages Continue

Home builders are plagued with labor and lot shortages, and it’s causing their confidence in the single-family market to waver, according to new data released this week. Overall, builder confidence in the single-family residential market has dropped by two points in June. Single-family production fell 3.9 percent for the month of May, while multifamily construction dropped 9.7 percent. Overall, housing starts declined 5.5 percent across the nation.

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NMSA Sets Sights on Solving Vacant and Abandoned Property Issues

The National Mortgage Servicing Association (NMSA) announced the appointment of Jim Taylor, SVP of Property Preservation with Wells Fargo Home Mortgage Asset Management, to lead the organization’s effort to mitigate the threat that vacant and abandoned properties pose to homeowners and communities. Taylor, a 30-year industry veteran, leads asset management and preservation of Wells Fargo’s residential servicing portfolio while caring for the interests of the communities it serves. His first order of business will be partnering with his peers and regulatory agencies to develop a comprehensive national definition for what constitutes a vacant and abandoned property and honing a strategy for the harmonization of procedure for their treatment.

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Appeals Court Dismisses LA Case v. BofA, Wells

Suits claiming Bank of America and Wells Fargo engaged in discriminatory lending practices in the city of Los Angeles were dismissed this week by an appellate panel in New York. Filed by the city of LA, the suits alleged the two banks targeted minority buyers with more expensive and riskier loans than white borrowers. The appellate panel ultimately sided with the original district court rulings, which stated the city failed to establish a strong enough link between the bank’s policies and any racial disparity in local homeownership.

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Philadelphia: Wells Fargo Violated the FHA

According to the City of Philadelphia, black borrowers of Wells Fargo loans were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

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Wells Fargo Welcomes Back Private-label RMBS

An executive at Wells Fargo has announced the bank will attempt to bring back private-label bonds this year. The bank hasn’t issued bonds backed by non-government guaranteed loans since 2008, amidst the housing crisis. JPMorgan and Redwood Trust have also begun issuing these types of bond as of late.

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