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Wells Fargo Faces $250 Million Fine From US Government
Wells Fargo is the leading mortgage lender in the United States. The bank’s mortgage offices are located in Des Moines, Iowa. The U.S. Office of the Comptroller of the Currency issued an order that the bank overhaul its internal processes and employee training, in addition to paying the $250 million dollar fine. The government says that Wells Fargo has failed to identify and enroll homeowners who qualify for federal mortgage forbearance programs.
30 Year Fixed Mortgage Rate
|Change From Yesterday||0.015%|
|Change From One Week Ago||-0.063%|
|Change From One Year Ago||-0.125%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||0.045%|
|Change From One Week Ago||0.016%|
|Change From One Year Ago||-0.376%|
Today’s Financial Headlines
If you hold a mortgage that is served by Wells Fargo and you have had difficulties with customer service, you may be happy to hear that the government has stepped in to deal with the problem. The bank has been fined and regulated for failing to provide proper pandemic mortgage relief and related customer service to its loan holders. The banking giant will be required to pay a 250 million dollar fine as well as revamp their internal processes and re-train their employees. If you have had issues in the past, this might be a good time to approach Wells Fargo again.
The recent surge in real estate prices has given the homeowners left in forbearance many positive options for exit strategies. Selling, renting, and cash out refinancing are all options in addition to working with your mortgage lender to craft a forbearance exit plan. The most important thing is that these homeowners understand the current market and their options. A recent survey stated that only a third of US homeowners were aware of their interest rate or equity percentage. Without these pieces of information, a homeowner cannot make wise financial decisions.
After listening to Federal Reserve Chief Jerome Powell’s speech at Jackson Hole, mortgage experts now feel that employment numbers will have the largest impact on mortgage rates. If the economy continues to improve, job rates will rise. This will allow the Fed to ease stimulus measures, taper bond buying, and raise interest rates.