Page 9 - Purpose Credit Program News Today

Executives hope to reduce risk by reducing the size and narrowing the focus of mortgage business to better serve retail customers and minority communities.

The company will also be reducing its servicing portfolio.

As interest rates rise and demand for mortgages declines, Wells Fargo (WFC) said Tuesday it will exit the Correspondent business and reduce the size of its Servicing portfolio in order...

Wells Fargo is exiting the correspondent mortgage channel and shrinking its servicing portfolio, the bank announced on Tuesday.

A long-expected move, the bank appears to have abandoned its once lofty position in the home lending sector.

Markets rallied sharply on Wednesday, but the outlook still is cloudy for companies with exposure to residential real estate.

Wells Fargo says its pulling back on its mortgage lending and servicing business after paying a record fine.

The financial entity thus expands access to credit for various small businesses.

NNPA NEWSWIRE — “There is a saying, do not talk about it, be about it,” said Otis Rolley, now the head of Philanthropy and Community Impact at the bank and president of the Wells Fargo Foundation. Rolley also counts as the first Black American elected to his position permanently by the Wells Fargo Foundation board, overseeing about $300 million in philanthropy, employee volunteerism and giving, and the company’s strategic vision on advancing social impact. The post Wells Fargo’s first ...

Bank of America today announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.