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No more bonuses for locking customers into higher interest rate

On Monday August 16th Federal reserve published a rule banning lenders from giving bonuses to mortgage brokers and loan officers for locking customers into higher interest rate than needed.

New rule will become effective on April next year but until that time make sure to check on what interest rate you’re getting on your loan. Also according . . . → Read More: No more bonuses for locking customers into higher interest rate

Wells Fargo ends subprime lending

Wells Fargo bank is closing its Wells Fargo Financial and thus exiting sub-prime mortgage business. Wells Fargo Financial had 638 branches nationwide. This move will eliminate 3,800 positions. Wells Fargo employs 278,000 people.

Remaining parts of mortgage business will move into remaining 6600 Wells Fargo bank branches and 2200 Wells Fargo Home Mortgage locations.

“The economics of a . . . → Read More: Wells Fargo ends subprime lending