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Wells Fargo Home Mortgage

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

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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

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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

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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

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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

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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

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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

Wells Fargo to Cease Funding Mortgages Originated by Independent Brokers

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Wells Fargo has announced that on July 13, it will discontinue funding mortgages that are originated, priced and sold by independent mortgage brokers through its wholesale channel. Mortgages sold by independent brokers through the wholesale channel currently represent five percent of the company’s home mortgage funded volume.Click to continue

Churchill Mortgage Adds Kelly Dobbs to Its Tennessee Branch

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Brentwood, Tenn.-based Churchill Mortgage Corporation has announced Kelly Dobbs as its newest home mortgage consultant. Dobbs will be responsible for originating home mortgages for the firm's Jackson, Tenn. branch, serving all of West Tennessee and Mississippi. Dobbs brings more than 10 years of mortgage and banking experience to Churchill Mortgage. As a mortgage consultant for Wells Fargo Home Mortgage, she provided exceptional service to customers by processing and closing files and exceeding annual sales goals.Click to continue

CampusMBA to Offer Path to Diversity Scholarships

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CampusMBA, the education division of the Mortgage Bankers Association (MBA), has announced that it is accepting applications for its Path to Diversity Scholarship Program, which enables industry professionals from diverse backgrounds to advance their professional growth and career development through industry education.Click to continue

AssociaTitle Names Mark Sadlek as Director of Business Development

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AssociaTitle has announced the appointment of Mark J. Sadlek as director of business development at its corporate headquarters. Sadlek joins AssociaTitle from Republic Title of Texas, where he served as VP of business development and director of coaching services. He worked to build and promote the company externally with Realtors, developers and lenders. His focus also included business coaching and training.Click to continue