The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase's mortgage banking net income declined by 20 percent in Q2, down to $584 million.
Read More »Wells Fargo Leader Named Chairperson of National Mortgage Servicing Association
J.K. Huey, SVP of asset management and preservation with Wells Fargo Home Mortgage, has been appointed the chairperson of the Five Star Institute National Mortgage Servicing Association (NMSA), according to an announcement from Five Star.
Read More »OCC to Escheat Uncashed Foreclosure Relief Funds; Restrictions Placed on Chase, Wells Fargo
Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements. The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.
Read More »Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement
Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.
Read More »Largest Financial Firms Turn in Healthy Q1 Earnings Reports
Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.
Read More »First Quarter Sees Solid Year-Over-Year Revenue Increases for Wells Fargo, Chase
Also, lower gains in private equity partially offset the increase in fee revenue in asset management and mortgage banking Chase received in Q1. Chase's net interest income for Q1 was $11 billion, which was relatively unchanged from Q1 2014.
Read More »Wells Fargo to Close Servicing Site, Lay Off 1,000 Employees
Wells Fargo cited the improving economy in the last two years along with steady declines in delinquencies and fewer borrowers in need of mitigation options to avoid foreclosure as contributing factors to the closing of the Milwaukee office. The bank said the closing will be effective in late July.
Read More »Free Web-Based Foreclosure Education Course Offered to General Public
A new Web-based course that will provide city leaders with strategies to successfully address foreclosures in their cities will be offered for free to the general public, according to an announcement from National League of Cities (NLC) and Wells Fargo on Wednesday.
Read More »Wells Fargo Terminates Ocwen from Mortgage Servicing Deal
Ocwen Financial Corp., the nation's largest non-bank, non-government mortgage servicer, is losing the mortgage servicing rights in two bond deals, according to media reports on Thursday.
Read More »Judge Dismisses New York AG’s Claims That Servicer Failed to Comply With Settlement
A federal judge dismissed on Monday allegations from New York's Attorney General that Wells Fargo failed to live up to its end of a historic $25 billion mortgage servicing settlement struck in 2012.
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