A spokesman for Wells Fargo told Inside Mortgage Finance that most of the displacements were on the fulfillment/processing side of the business and did not include loan officers.
The $11.6 billion deal resolved Fannie's long-standing claims that BofA sold the GSE defective mortgages and mishandled various loans it serviced for Fannie between 2000 and 2008.
Cerberus Capital is contemplating purchasing additional mortgage banking firms. Meanwhile, the CFPB doesn't like what it sees in the servicing space when it comes to customer service.
Fannie Mae will lower its maximum LTV. Mortgage insurance firms are not happy. Meanwhile, NAMB blames shrinking application volumes on summer vacations.