There is no clear explanation as to why VA rates are lower than the competition, but some industry participants, including Tom Piercy of Incenter Mortgage Advisors, speculate prepayments might be the reason.
The CHOICE Act also would make changes to the structure of the Consumer Financial Protection Bureau, including replacing the single directorship with a five-member board or commission.
It’s not clear how many of the consumers with unauthorized accounts had mortgages with Wells, though the megabank and its peers have put an emphasis on cross-selling financial products to jumbo customers.