Wells Fargo and Bank of America posted strong 2015 third quarter financial results, with net incomes reaching $5.8 billion and $4.5 billion, respectively.
Read More »Wells Fargo Names New Head of Mortgage Production
Wells Fargo has named Michael DeVito head of mortgage production, effective October 1, 2015. Devito will succeed Franklin Codel, whom will now serve as head of mortgage lending at Wells Fargo Home Lending, the company said last month.
Read More »Wells Fargo Accused of ‘Redlining’ in Lawsuit by City of Oakland
The city of Oakland, California, has filed a lawsuit against Wells Fargo accusing the bank of reverse redlining by targeting minorities for high-cost mortgage loans which later led to foreclosures and blight when the borrowers defaulted.
Read More »Ocwen Shown Favorable Week With Wells Fargo & Monitor Outcomes
Ocwen Financial has enjoyed a couple of favorable outcomes in the last week after a tumultuous 2014 and first half of 2015, with positive reports from Wells Fargo certificate holders and an independent monitor.
Read More »Wells Fargo Head of Home Lending Announces Retirement
Wells Fargo EVP and head of Home Lending Michael J. Heid announced on Wednesday that he will retire after nearly 28 years with the bank and 11 years with Wells' mortgage division.
Read More »Chase and Wells Fargo Earnings Statements Indicate Strong Q2 Results
Both JPMorgan Chase and Wells Fargo posted strong financial results in the second quarter, with Chase experiencing a 5 percent jump in net income, according to earnings statements released by both banks on Tuesday. Chase's Q2 net income of $6.29 billion represented an increase of 5 percent from the same quarter a year ago, while the New York-based bank's period-end balance sheet was down $123 billion in the second quarter.
Read More »First Quarter Earnings Reports Robust for Nation’s Largest Financial Firms
For San Francisco-based Wells Fargo in Q1, revenues increased by 3 percent year-over-year up to $21.3 billion. Although net income slightly declined from the same quarter a year ago from $5.9 billion to $5.8 billion, noninterest income for the bank jumped by $29 million up to $10.3 billion. The bank received higher income in Q1 from trading activities, debt security gains, mortgage origination gains, and insurance, but the higher income was offset by lower income in mortgage servicing, which was at $108 million for Q1 compared to $235 million for Q4 2014. Wells Fargo posted mortgage banking noninterest income of $1.5 billion for Q1.
Read More »Survey Indicates Builder Confidence on the Rise
But improved builder confidence isn’t the only thing the HMI survey found. The report also shows jumps in other measurables as well. Builders’ expected buyer traffic increased four points, current sales conditions rose three points, and future sales expectations saw an increase, too, jumping from 59 to 64 points in the last month. According to NAHB Chief Economist David Crowe, these sales expectations numbers are at the highest level they’ve been all year–a good omen for the months to come.
Read More »Chase, Wells Fargo Post Solid Q1 Revenues
Wells Fargo's noninterest income for Q1, $10.3 billion, was an increase of $29 million from the previous quarter. The bank received higher income from trading activities, debt security gains, mortgage origination gains, and insurance, which were offset by lower other income, such as from mortgage servicing (which were $108 million for Q1, compared to $235 million for the previous quarter).
Read More »Judge Blasts Prosecutors in Wells Fargo Mortgage Insurance Lawsuit
The federal judge overseeing a $189 million mortgage insurance lawsuit against Wells Fargo admonished prosecutors Tuesday for dumping millions of documents on the bank so late in the process, making good on an earlier warning against using dumping tactics in the case.
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