Tag Archives: Wells Fargo

The housing market in California's Southland region closed out 2012 with the highest number of December home sales in three years, real estate information company DataQuick reports. According to DataQuick, a total of 20,274 new and resale homes and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties in December. The month's total was 5.1 percent up from November and 5.3 percent up from December 2011.

Wells Fargo pulled in a record net profit of $5.1 billion in the final quarter of 2012, up 24 percent from the same period in 2011.

The Mortgage Bankers Association (MBA) has assembled a GSE Single Family Task Force to revisit the association's 2009 proposal for the future of the secondary market and to further discourse on this topic. The task force will work in two phases. First, they will review the 2009 position and determine potential issues during a transition. Next, they will put together a "roadmap" for the transition.

The Securities and Exchange Commission (SEC) has ended its investigation of potential fraud in offering documents for mortgage-backed securities (MBS) sold by Wells Fargo.

Standardization and stability brought on by regulation will pave the way for a bright future for mortgage banking, FBR speculates.

Hiring in the mortgage industry increased in Q3 for the fifth straight quarter, according to Mortgage Daily's Mortgage Employment Index. The index shows 8,711 hires were made in the year's third quarter, up more than 3,000 from the last quarter and nearly 3,500 from Q3 2011. Even with an estimated 5,785 layoffs, the industry saw a net increase of nearly 3,000 jobs--more than double the gain in Q2. For 2012's first three quarters, mortgage and real estate finance companies recruited 7,230 more people than they've laid off.

As of September 30, the five servicers named in the national mortgage settlement reported they have provided $26.11 billion in actual consumer relief.

Builder confidence continued its march to "break-even," with the Housing Market Index (HMI) climbing five points in November to 46.

New York Attorney General Eric T. Schneiderman accused Wells Fargo of using Hurricane Sandy to evade obligations under the national mortgage settlement.

The National Association of Realtors (NAR) offered market projections into 2014 during a forum at the 2012 Realtors Conference and Expo.