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Wells Move Stalls Calif. Threat to Pull Its Mortgage License.

Publication: American Banker
Publication Date: 26-FEB-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Wells Fargo & Co. has delayed California's efforts to revoke its mortgage lending license, by filing a notice of defense with the state's Department of Corporations.

The two parties have been fighting over how Wells' mortgage unit charges homeowners for interest and notifies them of finance charges. The $349 billion-asset banking company is the No. 1 mortgage originator in the country and the No. 2 depository institution in California.

A Feb. 5 notice by the Department of...

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