Norwest Mortgage, Des Moines, has changed its name to Wells Fargo Home Mortgage to reflect the merger between Wells Fargo and Norwest Banks. The company said that the Wells Fargo name is recognized by nearly nine of ten Americans. "Homebuyers prefer a brand they know and trust, and we're very excited about our new name and the opportunities it presents for our business," said Peter Wissinger, president and chief operating officer for Wells Fargo Home Mortgage. Wells Fargo Home Mortgage serviced $282 billion of residential mortgages last year, and recently picked up $16 billion with the announced deal to acquire CrossLand Mortgage.
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Nonbanks with servicing portfolios saw earnings dip, while expenses for most shot up in anticipation of more origination volume.
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The Great Financial Crisis changed not only how Luxury Mortgage operated, but what its name stands for, shifting from the high-end of the market, founder David Adamo said.
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Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
November 21 -
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
November 21 -
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
November 21 -
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
November 21