According to President Jerry Selitto, the company used traditional LOs when it launched in 2016, but then switched gears “after we realized that’s not the model we wanted.”
For Wells, the bigger question might be: did its “account fabrication” scandal of 2016 (which is still reverberating at the company) affect its mortgage business?
In June of last year, DeMarco co-authored a Milken Institute white paper entitled “Why Housing Reform Still Matters." In it, he argues: "…we need to preserve the liquidity and capacity of an active, globally financed MBS market…”