December 21, 2017 The Scandal-Ridden Bank That’s on Track to Being the Top Originator for NYC Commercial Mortgages
Wells Fargo is on track to being the No. 1 originator of NYC commercial mortgages for 2017. The bank, which has been dealing with several scandals over the past year or so, was the top NYC loan originator in the first nine months of the year, CrediFi found in its New York City Lending Spotlight for Q3 2017.
It was also the top loan originator in Q3, as well as ranking among the top five in Chicago and Boston earlier this year.
Wells Fargo originated nearly $4 billion for about 50 commercial real estate loans in New York City in the first nine months of the year, though it moved to the top because its competitors are originating less, not because it is originating more.
Last year Wells Fargo was fined $185 million over government findings that it opened more than 2 million bank and credit card accounts without customer permission. Since then, the bank has fired thousands of employees and replaced CEO John Stumpf with Timothy Sloan. It is also being investigated over improper customer billing for mortgage fees and unneeded auto insurance.
Amid a government review of a possible settlement proposal over the mortgage fees, President Donald Trump tweeted recently that the government may increase penalties against Wells Fargo.
To download the full New York City Lending Spotlight for Q3 2017, click here.