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Wells Fargo pays $250M for loss mitigation deficiencies

The OCC has announced it has assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., and issued an Order to Cease and Desist based on the bank’s unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations of the OCC's 2018 Compliance Consent Order. The OCC's action puts limits on the bank’s future activities until existing problems in mortgage servicing are adequately addressed.

The cease and desist order requires the bank to take broad and comprehensive corrective actions to improve the execution, risk management, and oversight of the bank’s loss mitigation program. The order restricts the bank, while the order is effective, from acquiring certain third-party residential mortgage servicing and requires the bank to ensure that borrowers are not transferred out of the bank’s loan servicing portfolio until remediation is provided, except as required by an investor pursuant to a contractual right.

For further details see the BankersOnline Penalty page.

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