FINANCE Regulators caught Wells Fargo, other bank
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Posted On: 12/12/2023 5:32:31 AM
FINANCE
Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination
KEY POINTS
Wells Fargo received an official notice from the Consumer Financial Protection Bureau on problems with its use of mortgage rate discounts, sources said.
Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources.
Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions.
In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared with other customers.
In this article
WFC
+0.08 (+0.17%)
After Hours
Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination
KEY POINTS
Wells Fargo received an official notice from the Consumer Financial Protection Bureau on problems with its use of mortgage rate discounts, sources said.
Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources.
Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions.
In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared with other customers.
In this article
WFC
+0.08 (+0.17%)
After Hours
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