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Wells Fargo Vs State Of California

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jtrotta

Senior Member
Joined
Jan 16, 2002
Always loved the "Left Coast" - lets see, I'll loan ya some $$$$$$ and not collect interest on it fer ah 2, na make it three days. Hey sounds like a plan, maybe if I doo several thousand of these I can claim STUPIDITY when I file my Bankruptcy in court :mrgreen:

maybe, jus maybe, Cailf. is to close to the Orient and they git Disoriented from time ta time :rofl:

:ph34r:
 

Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I saw this in the "Legal Corner" of mortgagegrapevine.com.--It appears Wells Fargo does not care.
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CALIFORNIA REVOKES WELLS FARGO MORTGAGE LICENSE

The residential mortgage and finance lender licenses of Wells Fargo Home Mortgage have been revoked by the California Department of Corporations, but the company can still sell mortgages under Federal law.

A state administrative law judge at a recent hearing had called for the revocations. The department said it will be in federal court May 5 seeking a ruling on whether it, or the Federal Office of the Comptroller of the Currency, has jurisdiction over Wells Fargo Home Mortgage. The department said California consumers "had a legitimate expectation that Wells Fargo would obey the same laws as their competitors and limit themselves to the same charges. Instead, among other breaches, Wells Fargo charged consumers interest on their mortgages more than a day before the deed being recorded, an admitted violation of California law. If Wells Fargo is not going to abide by California's laws, it has no right to California's licenses."

In response to the revocations, Wells Fargo said it "makes no difference" whether it has California mortgage licenses because it is a subsidiary of a national bank operating under a charter issued by the federal government. "Our customers and team members can feel confident that Wells Fargo will continue to originate, process, and service mortgage loans under the jurisdiction of our Federal regulator, the Office of the Comptroller of the Currency -- and we'll continue to follow all applicable laws," said Pete Wissinger, chief executive officer of Wells Fargo Home Mortgage. (nmn5/5/03)

MORAL

Wells Fargo says "it makes no difference…" Tell that to a consumer when an honest mortgage broker can say Wells Fargo had its license revoked because it charged you too much interest. Now there is an interesting sales line. It may be the consumer now wants to do business with the broker since the bank's company lost its license for overcharging.

:angry:
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Interesting legal precidence. We have always been told that national charters and national banking laws supercede the state laws. It was tested here in NM on a small scale regarding pre-payment penalties, which are illegal in NM. Turns out only lending institutions domiciled in NM and non-nationally chartered were held to this regulation.

But you know, California is a bit big for it's britches. Sometimes they tend to forget they are a state and not their own People's Republic. For a state so upside down on their budget, you would think they'd find better things to do with the taxpayer dollars than to beat a large, expensive, dead horse.
 
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