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Wells Fargo hit with record fines, will pay $1 billion for mortgage, auto lending abuses

The settlement imposes further restrictions on Wells Fargo's business, a sign that regulators have lost patience with the bank's promises to turn itself around. Wells will need to come up with a risk management plan to be approved by bank regulators, and get approval from bank regulators before hiring senior employees. The OCC said in a statement that one reason for the size of the fine against Wells was "the bank's failure to correct the deficiencies and violations in a timely manner."

The $500 million fine matches the largest fine ever handed out by the Comptroller of the Currency against HSBC in 2012.

The Federal Reserve cracked down on Wells earlier this year by restricting it from growing larger than the $1.95 trillion in assets that it held at the time and requiring the bank to replace several directors on its board. The Federal Reserve cited "widespread abuses" for taking such an action.

"While we have more work to do, these orders affirm that we share the same priorities with our regulators and that we are committed to working with them as we deliver our commitments with focus, accountability, and transparency," said Wells Fargo CEO Tim Sloan in a statement Friday.

What's the best way for me to become a Mortgage Broker in CT?

I have been a Loan Originator for a year now, but I'd like to become a mortgage broker. This way, I can shop around to different lenders to help close more loans.


You can try Countrywide, but honestly...your current position is the safer bet of the two. Mortgage Brokers and getting the short end of the stick lately and banks (like Wichovia) are no longer even dealing with them.