One mortgage insurance official who used Promontory Financial Group in the past described the firm’s work as “excellent,” but noted: “They don’t come cheap.”
Wells Fargo – no doubt – is taking it on the chin for its “account fabrication” scandal tied to credit cards and deposits, but so far the damage has yet to seep into its mortgage business in a major way, but reports suggest certain correspondents are balking at doing business with the megabank. Dave Akre, managing director of Five Oaks Investment Corp., said he knows some loan officers working for Wells correspondents who are no longer offering the megabank’s jumbo products “due to recent issues.” Those “issues,” he pointed out in an interview with Inside Mortgage Finance, involve...
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