Tag Archives: Fines

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.

Fannie Mae announced Friday revisions to its maximum fee assessment for servicers submitting late or inaccurate loan reports. According to the announcement, Fannie will fine servicers the greater of $250 or $50 per mortgage loan, with maximums starting at $5,000 for the first instance and climbing up to $15,000 for repeated incidents. The new fee structure goes into effect May 1, 2014.