General World News

Wells Fargo, other mortgage lenders under scrutiny for pricing exceptions: CNBC

Wells Fargo, once the largest mortgage lender in America, was accused of discrimination through the common industry practice of offering mortgage loan discounts to select borrowers, CNBC reported.

The bank received Matter Requiring Attention (MRA) notice from the Consumer Financial Protection Bureau (CFPB) on problems with loan discounts, CNBC reported on Monday, citing anonymous sources. 

It is unclear whether Wells Fargo was accused of discrimination or sloppy oversight, the report noted. 

Loan discounts — known as pricing exceptions — is when a lender makes exceptions to its established credit standards. Whether details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com