Bulletin
Investor Alert

New York Markets After Hours

Aug. 15, 2022, 6:24 a.m. EDT

Wells Fargo reportedly planning retreat in mortgage business

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Wells Fargo & Co. (WFC)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Steve Goldstein

Wells Fargo is planning a retreat in its mortgage activities, according to a published report.

Bloomberg News, citing unnamed sources, reported the number-one mortgage originator of commercial banks is looking to reduce its ties to outside mortgage firm s that accounted for about a third of its new-home loans last year. The company told the news agency that it’s evaluating the size of its mortgage business in light of the smaller originations market.

Wells Fargo /zigman2/quotes/203790192/composite WFC +3.38% has been fighting a number of scandals, including one in the mortgage business, where it reportedly rejected refinancing applications for Black homeowners more than white ones. The Federal Reserve has imposed an asset cap on Wells Fargo until the bank’s regulatory practices improve.

Though Wells Fargo leads commercial banks in mortgage activities, Rocket Mortgage and United Shore Financial originated more last year.

Wells Fargo shares have slipped 4% this year, an outperformance of the 10% drop for the broader S&P 500 /zigman2/quotes/210599714/realtime SPX +2.59% .

/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 41.58
+1.36 +3.38%
Volume: 16.82M
Oct. 3, 2022 4:03p
P/E Ratio
9.97
Dividend Yield
2.89%
Market Cap
$152.56 billion
Rev. per Employee
$288,629
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,678.43
+92.81 +2.59%
Volume: 2.22B
Oct. 3, 2022 4:20p
loading...

Get news alerts on Wells Fargo & Co. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.