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Wells Fargo Fined $250 Mln For 'unsafe Or Unsound' Home Lending Practices

Wells Fargo has been fined $250 million by the Office of the Comptroller of the Currency or OCC for unsafe or unsound practices related to deficiencies in the bank's home lending loss mitigation program and violations of the 2018 Compliance Consent Order.

"Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," said Acting Comptroller of the Currency Michael Hsu.

The OCC also issued a Cease and Desist Order against Wells Fargo based on the bank's failure to establish an effective home lending loss mitigation program.

The OCC's 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 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.

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