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April 20, 2018

Wells Fargo to Pay Uncle Sam $1 Billion to Settle Rate-Lock and Auto Lending Violations

By Yemeng Yang

The settlement is the first enforcement action by Acting Director Mick Mulvaney since he took over the bureau in late November.

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%