Wells Fargo got the Case, Mortgage brokers are to be blame
By Stephanie Anson, Estates | Homes | Land | Investments
(Anson Properties)
Wells Fargo got the Case, Mortgage brokers are to be blame.Just last July, Wells Fargo & Co. was accused of biased lending. The said company paid $175 million just to resolve the issue. What’s worse is that it puts the blame to independent loan brokers for selling their mortgages, and this in turn closed the opportunity for extensive mortgage operation. For these mortgage brokers, whose making an income by mediating between borrowers and lenders, this resulted in a negative flow of revenues. It also ended their work with the large banks, making Wells Fargo, one of America’s major wholesalers, as their last. The housing downturns have left several mortgage brokers to conclude wholesale lending, and the current experience is just a major setback. It changes how they operates that these br...
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