Investors claimed they were misled about bank's progress in fixing governance and oversight issues that came to light in wake of 2016 'fake accounts' scandal
Parent company Home Point Capital to take an equity stake in The Loan Store, with Homepoint executive Phil Shoemaker to be installed as CEO when the deal closes by end of Q2
The bank says it has racked up $353M in severance expenses, primarily in mortgage, as it closes branches and pursues a 'more focused home lending business'
Executives hope to reduce risk by reducing the size and narrowing the focus of bank's mortgage business to better serve retail customers and minority communities
New branded client portal lets homebuyers apply for loans, review documents and e-sign disclosures and closing documents
The Irving, Texas-based lender is also reportedly in negotiations to sell its retail mortgage division, which employs about 1,000 loan originators nationwide
Executives are concerned about reputational risk of correspondent lending channel, which has historically accounted for as much as half of the bank's home loan business, Bloomberg reported
Rising interest rates and a shrinking branch network are cutting into Wells Fargo's mortgage business, and bank executives say they're fine with that
The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with consumers and mortgage brokers
As lenders pivot from refis to purchase loans, mortgage brokers are an important source of business