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Wells Fargo Names New COO

 

Wells Fargo & Company has announced that Scott Powell has been named COO effective December 9. He will serve on the company’s Operating Committee and report directly to CEO and President Charlie Scharf.

“I have known Scott for many years, and his tremendous experience, proven track record and unquestioned integrity will make him a great addition to our management team,” Scharf said. “He’s the ideal person to take on this new position as we seek to transform Wells Fargo so that high-quality execution, clear accountability and operational excellence become unquestioned components of our culture. These elements are critical for us as we tackle our most important priority, regulatory remediation, and also create the foundation from which to build Wells Fargo and to best serve our customers.”

As COO, Powell will oversee regulatory execution and relations, enterprise shared services and a range of operational functions across the company.

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First American Title Insurance Company, announced that in less than a year more than $1 billion of real estate transactions have successfully funded and closed using FlexClose, a warehouse financing and closing service from FirstFunding, a wholly-owned subsidiary of First American Financial Corporation. FlexClose gives lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing, even after the daily Fedwire cutoff.

FlexClose brings together the capabilities of three First American businesses: settlement services from First American Title Insurance Company, banking from First American Trust and warehouse financing services from FirstFunding.

“Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American’s commitment to innovation and the company’s ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers,” said Chris Leavell, COO at First American Title Insurance Company. “Because we can bring together First American Title, First American Trust and FirstFunding, we can offer the real estate industry the ability to fund and close anytime, providing a level of service and flexibility that cannot be matched.”

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Black Knight, Inc. recently announced the launch of its Regulatory Assist solution. Regulatory Assist, which integrates directly with the Black Knight Empower loan origination system is designed to help clients streamline the compliance-testing process and make compliance validation easier and quicker.

Regulatory Assist is a centralized rules engine that enables clients to more easily and quickly perform a broad scope of both state and federal loan-level compliance validation tests. Using this new solution, clients will be able to run “lights-out” validations based on the client’s configuration, with no manual intervention by leveraging the Empower Orchestration Engine, or run specific regulatory tests from a “Quick Select” screen.

The integration of Regulatory Assist with Empower incorporates client compliance testing directly into the origination workflow to create real-time tasks and loan conditions.

Regulatory Assist displays an overall risk level and other important messages to assist clients with understanding test results. The solution alerts the lender when actions may be required and supports on-the-go issue remediation.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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