Do you really think WF will stop all correspondent lending? Or was that “leak” just to stir the pot and create discussions about being overly regulated? There are hundreds of risk/control employees that would no longer be needed if it does end. There are still current job postings in risk that oversee correspondent clients. Seems odd.
https://www.bloomberg.com/news/articles/2022-08-14/wells-fargo-to-cut-back-mortgage-business-after-scandals-take-toll
There is a current project to expand it, so it is just crazy how decisions are made on the fly without any planning. Knee jerk react to keep doing wrong things. Kristy said it is an option on the table which seems like we are just sabotaging ourselves. No real forethought. Don’t get it
We’ve been under the asset cap since 2018.
An effective forward- thinking CEO and BOD would put maximum effort towards getting the cap lifted, not dial back on lending. WTF - this is a bank!
Wells Fargo has a bunch of wimpy man- children in charge. Let them be in charge of the country club or the NY Ballet. We need to bring in some strong capable leaders who have a plan, can execute a plan and know how to run the 4th largest bank in the country.
Play time is over. Give us an experienced and talented CEO.
Targeting neighborhoods will just bring negative press in a few years with claims of gentrification.
People will buy cheap houses, remodel and sell to white singles and couples without kids. The property values will go up, the current residents will be priced out and the complaints will start.
Loans are assets. With the cap on we need to lend whatever we have under the imposed asset cap at the highest rates possible. Hence the credit card push.
Did you fail at reading comprehension? They're targeting neighborhoods -- not races. You're welcome to move to one of them if you want a similar deal.
Do you think BofA is being disingenuous then? fake lending to particular races and then pumping in the press for all its worth. Kind of disgusting if you ask me.
"It’s true - zero down and 0 closing. Several finance sites reporting it."
That's being disingenuous. They're testing it in neighborhoods predominantly black and Latino.
Charlie is turning us in to a bank who does not want to lend, the core business of a financial institution. If it wasn’t so sad, it would be funny.
@umr+1ivZeJAQ
It’s true - zero down and 0 closing. Several finance sites reporting it.
"Just look at BoA, those fools just said the other day said they are doing zero down if you're race is Black/Latin"
I'mma need a citation for that claim.
I do think it’s going to happen
Not sure on timeframe and I have no 1st hand knowledge but I would guess end of 3rd quarter
Its real. My guess is Rocket and other clowns pick up volume, year or two later we have a countrywide repeat at these other place. Just look at BoA, those fools just said the other day said they are doing zero down if you're race is Black/Latin. Mixing Wokeism and Credit is a recipe for disaster.