Wells Fargo Fires Head Of Consumer Lending National Mortgage News The san francisco company said friday that it has terminated franklin codel, effective immediately, over an interaction he had with a former employee regarding that employee's termination. By polo rocha. july 11, 2022, 4:21 p.m. edt 2 min read. wells fargo’s head of consumer lending is leaving just two years after being hired by ceo charlie scharf. mike weinbach, whom scharf poached from jpmorgan chase in the early days of his tenure, will leave wells fargo in mid september to help the division transition to its new leader.
Wells Fargo Fires Consumer Lending Head Franklin Codel Charlotte Observer Wells fargo plans to exit correspondent lending and reduce the size of its servicing portfolio. also plans to broaden $150 million investment from the its special purpose credit program to include purchase loans. less than five months after a company executive told clients that correspondent lending “continues to play a key role,” wells. Wells fargo has also been downsizing its mortgage lending division since april, calling the staff cuts a “natural result of cyclical changes in the broader home lending environment.” wells fargo cited figures from the mortgage bankers association that predict a 40% year over year drop in mortgage originations — to $2.4 trillion — in 2022. Wells fargo is streamlining its mortgage business, a shift that involves focusing on existing customers and nonwhite communities, the bank said tuesday in a release. as part of the bank’s new “strategic direction,” wells fargo said it will also exit its correspondent lending business, a unit of the bank that buys loans from third party. Wells fargo (nyse: wfc) announced today strategic plans to create a more focused home lending business aimed at serving bank customers, as well as individuals and families in minority communities. notably, the company is exiting the correspondent business and plans to reduce the size of its servicing portfolio. these plans continue the work the company has advanced over the past three years to.
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