MFI-Miami Blog

Wells Fargo Warning! Can Wells Fargo Home Mortgage Validate Your Mortgage Debt? Probably Not! Steve Dibert, CEO of internationally-renowned mortgage fraud investigation firm  MFI-Miami , announced today that  MFI-Miami  has discovered serious flaws in the way Wells Fargo  Home Mortgage  validates debt owed by homeowners. As a result, MFI-Miami has issued a Wells Fargo Warning to homeowners.  MFI-Miami CEO Steve Dibert: Homeowners need to request their complete mortgage transaction histories from Wells Fargo Home Mortgage and review them. If there is missing information or if something doesn’t look right, they need to contact a lawyer or a properly trained mortgage fraud expert immediately! MFI-Miami  has examined nearly 200 transaction histories from mortgage loans currently serviced by Wells Fargo Home Mortgage since 2016. Nearly 175 of these contained serious accounting flaws in the transaction histories. These flaws would call into ques...

Rising Interest Rates And Stiff Competition Are Causing Wells Fargo Mortgage Originations To Plummet Wells Fargo mortgage originations continue to plummet as interest rates  have risen  over the last several months. Wells Fargo says that it originated $46 billion in mortgages in the third quarter. This is down 22% from last year’s total of $59 billion during the same time period. The overall total isn’t the lowest in recent memory for Wells Fargo though. Wells Fargo mortgage originations were $43 billion in mortgages in the first quarter of this year. This is not good news for Wells Fargo. This is the third quarter Wells Fargo mortgage originations have continued to heading south. There doesn’t appear to be much of a light on the horizon with the Federal Reserve raising interest rates to a  seven-year high. The bank says that first mortgage applications also fell by 22% in the third quarter, compared to last year. Read more at MFI-Miami

A New Wells Fargo Investigation Focuses On The Bank Committing Low-Income Housing Tax Credit Fraud A new Wells Fargo investigation is underway by the USDOJ in Miami. The DOJ has convened a grand jury. The DOJ is accusing Wells Fargo of colluding with affordable housing developers nationwide. The scheme involved driving down the prices of low-income tax credits. Wells Fargo potentially defrauding hundreds of millions of dollars from the federal program. Assistant U.S. Attorney Michael Sherwin declined to comment on Wells Fargo specifically. However, he did say that his investigation was continuing and that it was looking at the entire industry. Wells Fargo is the largest buyer of the tax credits under the program. The bank  said that it had invested $9 billion  into the program over the previous five years. Banks benefit by buying the tax credits through tax write-offs and credit under the  Community Reinvestment Act . Read more at MFI-Miami