Wells Fargo & Co.'s president and chief executive officer talked about underwriting changes at an investor conference this week. He explained that home-equity loan growth has slowed as a result of tighter underwriting. Wells has stopped acquiring business from the highest-risk indirect channels, reduced the maximum combined loan-to-values in all channels and reinforced its focus on retail. The CEO also noted that on first mortgages, maximum LTVs have been revised, income-documentation standards have been enhanced and risk-based pricing has been adjusted.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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