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Wells Fargo Home Mortgage

Stearns Lending Taps John Adam as EVP, Head of Retail Lending


Stearns Lending LLC has announced that John Adam has joined the company as executive vice president, national head of retail lending. Prior to joining Stearns, Adam served as the Northeast sales executive for Bank of America, which included market leadership of the Northeast, Midwest, and mid-Atlantic markets.Click to continue

What Happens If (and When) Rates do Rise?

Rates Climb

The humorist Arnold H. Glasow once quipped, “Nothing lasts forever—not even your troubles.” But for many mortgage professionals, it seems that historically low interest rates have been the new normal for a period that seems like forever. But will there be new troubles for the housing market should rates finally begin to significantly uptick?Click to continue

Wells Fargo LO Admits Role in $40 Million Mortgage Fraud Conspiracy

Black Gavel Pic/Credit: Brand X Pictures

An Ocean County, N.J.  man admitted his role in a $40.8 million mortgage fraud conspiracy in which he used his position as a loan officer of Wells Fargo Home Mortgage Inc. to get the company to release more than $4.6 million based on fraudulent mortgage loan applications, U.S. Attorney Paul J. Fishman announced. Robert Serao of Bayville, N.J. pleaded guilty before U.S. District Judge Joseph E. Irenas in Camden federal court to count one of an indictment charging him with conspiracy to commit wire fraud. He is the 10th defendant to plead guilty in the case.Click to continue

Wells Fargo Home Rebate Cardholders Paid Down $50 Million-Plus in Mortgage Debt


Wells Fargo Home Mortgage customers with a Home Rebate Card have used their rewards to automatically pay down $50 million in mortgage balances since the card’s launch in 2007. Virtually every purchase a customer makes with the card counts toward rebates credited to the principal on their Wells Fargo Home Mortgage loan. These rebates are applied automatically in $25 increments until the mortgage loan is paid off. The rebate can help customers potentially reduce their long-term mortgage interest by thousands of dollars and lower the number of their remaining payments on fixed rate loans.Click to continue

Wells Fargo Grants Nearly Five Million Loan Mods to Date


Wells Fargo has reported that between March 1, 2012 and Dec. 31, 2012 the company assisted more than 70,000 homeowners through expanded loan modifications, other customer relief options, and refinances under last year's Nationwide Mortgage Servicing Settlement. As a result, Wells Fargo has fulfilled an estimated 73.5 percent of its $4.3 billion national consumer relief and refinance commitment and remains on track to complete its entire commitment in the required time frames.Click to continue

WCS Lending Bolsters Its Executive Team


WCS Lending LLC has announced two appointments to its board of managers, along with internal promotions designed to further support the company’s long-standing commitment to service and position as one of the nation’s premier direct mortgage lenders. The staffing developments follow recent news of the company’s fourth consecutive year on the Inc. 500 list of the 5,000 fastest-growing private companies in the nation and the appointment of Lisa Taylor as its president and chief operating officer.Click to continue

Genworth Financial Announces Changes to USMI Leadership Team


Genworth Financial Inc. has announced personnel changes to further strengthen the senior leadership team of its U.S. Mortgage Insurance (USMI) unit. John Clifford has been promoted to senior vice president, commercial operations, and Matt Young has rejoined USMI as senior vice president, sales. Clifford will be responsible for products, account development, marketing, commercial analytics, sales support and training, as well as capital markets and business strategy. He joined GE Capital in 1999 as a member of the Financial Management Program.Click to continue

DOJ Reaches $125 Million Settlement With Wells Fargo on Lending Discrimination Charges

Handshake Building Pic

The U.S. Department of Justice (DOJ) has filed the second largest fair lending settlement in the Department’s history to resolve allegations that Wells Fargo Bank engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009. The settlement provides $125 million in compensation for wholesale borrowers who were steered into sub-prime mortgages or who paid higher fees and rates than White borrowers due to their race or national origin.Click to continue