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New American Funding CEO Rick Arvielo has a reputation in the mortgage business as a technology pioneer – and he’s also a big proponent of the industry embracing the tech revolution. MPA: One of the things New American Funding is known for is its technology – and one of the things that’s gotten a lot of attention is your GoGo LO app. Could you talk a little about that? Rick Arvielo:The GoGo LO initiative started […]

Wells Fargo is on the hook for $97 million after a Los Angeles federal judge found that the bank committed violations of California’s labor laws, according to a Bloomberg report. The San Francisco-based bank plans to appeal the ruling. The judge found that Wells Fargo’s California home mortgage consultants and private mortgage bankers did not get the breaks they were entitled to. Wells Fargo had argued that it owed $25 million to its employees for

An international banking giant will fork over nearly $5 billion to settle a federal probe into its sale of mortgage-backed securities during the run-up to the 2008 financial meltdown. Royal Bank of Scotland has agreed to pay $4.9 billion to settle Justice Department claims that it misled investors who bought the securities, according to a report by The Los Angeles Times. This is the second time this year that RBS has written a massive check

by Francis Monfort17 May 2018 President Donald Trump intends to nominate Michael Bright to be the president of the Government National Mortgage Association (Ginnie Mae) under the Department of Housing and Urban Development, the White House has announced. Bright is currently acting president of the company. He joined Ginnie Mae in July 2017 as executive vice president and COO. In that role, he manages all operations for Ginnie Mae’s $1.8 trillion portfolio of mortgage-backed securities.

by Ryan Smith17 May 2018 One of the nation’s largest banks will be handing about 260 mortgage professionals their walking papers in July. U.S. Bank – the nation’s fifth-largest bank, with $462 billion in assets – will eliminate the jobs starting in July as it closes a mortgage and consumer banking office in Bedford, Ohio. The bank announced the job cuts in a notice to the state of Ohio, according to a report by Cleveland.com.