Wells Fargo foreclosed on 500 people due to ‘calculation error’

Hundreds of people were foreclosed on and lost their homes thanks to an internal calculation error on the part of Wells Fargo, the bank confirmed Tuesday.

Builder confidence in single-family home sales remains solid

The National Association of Home Builders’ index for newly built single-family homes rose 1 percentage point month-over-month to 68, continuing a five-month trend of scores in the high 60s.

Wells Fargo blames 400 improper foreclosures on computer glitch

Wells Fargo improperly foreclosed on approximately 400 homes where the homeowner should have been eligible for a loan modification, according to the company’s SEC filings on Friday. The company blamed the error on a computer glitch that occurred with an underwriting tool.

Wells Fargo to pay $2.09B in subprime mortgage settlement

Banking giant Wells Fargo agreed Wednesday to pay $2.09 billion in fines for originating subprime mortgages that it knew contained misstate income information in the run-up to the financial crisis.

Elevated Lumber Prices Lead to Builder-Confidence Slip

Builder confidence dropped down two points to 68 in June, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). Experts say elevated lumber prices are to blame; however, the overall sentiment is still strong, as any above-50 readings point to a positive outlook. “Builders are optimistic about housing market […]

The post Elevated Lumber Prices Lead to Builder-Confidence Slip appeared first on RISMedia.

Hawaii Volcano Victims Can Get Relief on Mortgage Payments

(TNS)—If you live in an area of Hawaii that’s been impacted by the Kilauea volcano eruption, your mortgage lender may offer you relief. The eruption has destroyed 26 homes (at press time), and more homes are still at risk. Wells Fargo and Bank of Hawaii have implemented disaster relief policies for those affected by Kilauea. […]

The post Hawaii Volcano Victims Can Get Relief on Mortgage Payments appeared first on RISMedia.

Wells Fargo Fined $1 Billion for Abusive Insurance, Mortgage Practices

The government has handed down a $1 billion penalty to Wells Fargo for abusive consumer practices related to its administering of auto insurance and extensions on mortgage rate locks. In addition to the fine, the bank has been ordered to remediate affected consumers and implement improved practices. In 2017, Wells Fargo acknowledged it had charged […]

The post Wells Fargo Fined $1 Billion for Abusive Insurance, Mortgage Practices appeared first on RISMedia.

Inman announces another 18 sponsors for ICNY18

Inman announced the next 18 companies that will be sponsoring Inman Connect New York, Jan. 22-26, …

Wells Fargo taps new consumer lending chief in wake of scandal

A 33-year veteran of Wells Fargo has been tapped to replace the bank’s consumer lending chief, who left last month after he was accused of disparaging a former executive …