Wells Fargo pulls out of Marketing Agreements with Agents, Builders

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Posted To: MND NewsWire

Well Fargo Bank announced today that it will immediately begin winding down its marketing services and desk rental agreements with real estate firms, builders, and some other referral sources. Franklin Codel, executive vice president for mortgage production said the company was exploring a number of new options for enhancing and strengthening those relationships over the long term. A press release issued by the company said that the withdrawal decision was made as a result of increasing uncertainty surrounding regulatory oversight of these types of arrangements "and as part of Wells Fargo's ongoing efforts to simplify the process that customers experience as they weigh all of their choices when shopping for a mortgage." The decision is presumed to arise out of a series of enforcement decisions...(read more)

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Source: http://www.mortgagenewsdaily.com/07302015_wells_fargo_cfpb.asp

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