Commissar SFLUFAN Posted January 10, 2023 Share Posted January 10, 2023 Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing market WWW.CNBC.COM It's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. Quote Wells Fargo is stepping back from the multi-trillion dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates. Instead of its previous goal of reaching as many Americans as possible, the company will now offer home loans only to existing bank and wealth management customers and borrowers in minority communities, CNBC has learned. The dual factors of a lending market that has collapsed since the Federal Reserve began raising rates last year and heightened regulatory oversight — both industrywide, and specific to Wells Fargo after its 2016 fake accounts scandal — led to the decision, said consumer lending chief Kleber Santos. Quote Link to comment Share on other sites More sharing options...
stepee Posted January 10, 2023 Share Posted January 10, 2023 Not looking good for my brother who works there in that department 1 1 Quote Link to comment Share on other sites More sharing options...
TyphoidHater Posted January 11, 2023 Share Posted January 11, 2023 Wells Fargo was terrible. So glad I refinanced with someone else at my first opportunity. Not like I don't have issues with them as well, but it's less. Quote Link to comment Share on other sites More sharing options...
Slug Posted January 11, 2023 Share Posted January 11, 2023 Unrelated but adjacent: I just paid off both of my mortgages today! 3 5 5 Quote Link to comment Share on other sites More sharing options...
TyphoidHater Posted January 11, 2023 Share Posted January 11, 2023 5 minutes ago, Slug said: Unrelated but adjacent: I just paid off both of my mortgages today! Congratulations! I look forward to that with every check I write. 1 1 Quote Link to comment Share on other sites More sharing options...
Bloodporne Posted January 11, 2023 Share Posted January 11, 2023 Borrowed 20k from them once and found them to be a filthy company through and through. Paid that shit off asap. 2 Quote Link to comment Share on other sites More sharing options...
Ominous Posted January 12, 2023 Share Posted January 12, 2023 My position at work has been eliminated as of 2/1. Should be finding out what's going to happen any day now. 1 5 Quote Link to comment Share on other sites More sharing options...
Ominous Posted January 13, 2023 Share Posted January 13, 2023 On 1/11/2023 at 11:06 PM, Ominous said: My position at work has been eliminated as of 2/1. Should be finding out what's going to happen any day now. Still have a job. Likely making the same pay in a new position that doesn't require me to talk to borrowers. Yay. 3 2 1 3 Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted January 13, 2023 Share Posted January 13, 2023 22 minutes ago, Ominous said: Still have a job. Likely making the same pay in a new position that doesn't require me to talk to borrowers. Yay. That's some good news, at least. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted January 13, 2023 Share Posted January 13, 2023 44 minutes ago, Ominous said: Still have a job. Likely making the same pay in a new position that doesn't require me to talk to borrowers. Yay. Win win? Quote Link to comment Share on other sites More sharing options...
Ominous Posted January 13, 2023 Share Posted January 13, 2023 28 minutes ago, SuperSpreader said: Win win? I think so. Quote Link to comment Share on other sites More sharing options...
stepee Posted January 13, 2023 Share Posted January 13, 2023 1 hour ago, Ominous said: Still have a job. Likely making the same pay in a new position that doesn't require me to talk to borrowers. Yay. Great news! Quote Link to comment Share on other sites More sharing options...
Dodger Posted January 14, 2023 Share Posted January 14, 2023 On 1/10/2023 at 9:01 PM, TyphoidHater said: Congratulations! I look forward to that with every check I write. You actually write a check boomer? 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted January 14, 2023 Share Posted January 14, 2023 5 hours ago, Dodger said: You actually write a check boomer? Send it by pony express Quote Link to comment Share on other sites More sharing options...
TyphoidHater Posted January 14, 2023 Share Posted January 14, 2023 I'll never stop keeping a paper trail after some legal matters and a computer error for $10k. Quote Link to comment Share on other sites More sharing options...
Ominous Posted January 14, 2023 Share Posted January 14, 2023 1 hour ago, TyphoidHater said: I'll never stop keeping a paper trail after some legal matters and a computer error for $10k. I mean paper check or electronic transfer can all have a paper trail, and it's good to know how to access them. Quote Link to comment Share on other sites More sharing options...
Guest Posted January 14, 2023 Share Posted January 14, 2023 Yeah, I guess I don’t know how after check 21 changes that a paper check you write is demonstrably different from some sort of ACH/EFT. Quote Link to comment Share on other sites More sharing options...
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