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Wells Fargo to Enter Federal Student Loans Refinancing Market (Revised)
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Wells Fargo & Company (WFC - Free Report) is aiming to enter the federal student loan refinancing market with a view to bolster its performance, which has of late been impacted by its involvement in a number of legal hassles. The news was reported by Bloomberg.
Eyeing opportunities in the student lending market, of which U.S. government is the major market share holder, Wells Fargo seeks to extend its current offerings to include federal student loans refinancing. The bank offers consolidation for private student loans that were originated from any source. Meaning, a borrower with multiple private student loans with a variety of lenders could consolidate them into one Wells Fargo private student loan.
In an interview with Bloomberg, head of personal lending at Wells Fargo, John Rasmussen said, “We continue to assess the needs of our customers on refinancing of federal loans into private.” He also added, “We’re sizing what that should look like, how we’d do that in a real customer-focused way.”
Earlier this month, Wells Fargo made the headlines after admitting of having wrongly foreclosed about 400 homes in the period between April 2010 and October 2015, due to an attorney fee-related “calculation error” caused by a mortgage underwriting tool. The bank mentioned that it has kept aside $8 million as provisions to repay the affected customers.
Wells Fargo continues encounter a horde of litigations due to its past wrongdoings. Despite undergoing an advertising campaign aimed at regaining lost image, the bank’s current disclosures brought back widespread criticism.
Shares of Wells Fargo have lost 1.4% over the past six months compared with 3.9% decline witnessed by the industry it belongs to.
Wells Fargo currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Comerica Incorporated (CMA - Free Report) has witnessed 5.2% upward estimate revision over the last 60 days. Also, the company’s shares have risen above 30% in the past year. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
M&T Bank Corporation (MTB - Free Report) has witnessed 2.5% upward estimate revision over the last 60 days. Additionally, the stock has jumped more than 8% in a year’s time. It currently carries a Zacks Rank #2 (Buy).
Northern Trust Corporation’s (NTRS - Free Report) Zacks Consensus Estimate for current-year earnings has been revised 2.8% upward over the last 60 days. Also, the company’s shares have risen more than 20% in the past year. It carries a Zacks Rank of 2, at present.
(We are reissuing this article to correct a mistake. The original article, issued on August 14, 2018, should no longer be relied upon.)
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Wells Fargo to Enter Federal Student Loans Refinancing Market (Revised)
Wells Fargo & Company (WFC - Free Report) is aiming to enter the federal student loan refinancing market with a view to bolster its performance, which has of late been impacted by its involvement in a number of legal hassles. The news was reported by Bloomberg.
Eyeing opportunities in the student lending market, of which U.S. government is the major market share holder, Wells Fargo seeks to extend its current offerings to include federal student loans refinancing. The bank offers consolidation for private student loans that were originated from any source. Meaning, a borrower with multiple private student loans with a variety of lenders could consolidate them into one Wells Fargo private student loan.
In an interview with Bloomberg, head of personal lending at Wells Fargo, John Rasmussen said, “We continue to assess the needs of our customers on refinancing of federal loans into private.” He also added, “We’re sizing what that should look like, how we’d do that in a real customer-focused way.”
Earlier this month, Wells Fargo made the headlines after admitting of having wrongly foreclosed about 400 homes in the period between April 2010 and October 2015, due to an attorney fee-related “calculation error” caused by a mortgage underwriting tool. The bank mentioned that it has kept aside $8 million as provisions to repay the affected customers.
Wells Fargo continues encounter a horde of litigations due to its past wrongdoings. Despite undergoing an advertising campaign aimed at regaining lost image, the bank’s current disclosures brought back widespread criticism.
Shares of Wells Fargo have lost 1.4% over the past six months compared with 3.9% decline witnessed by the industry it belongs to.
Wells Fargo currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Comerica Incorporated (CMA - Free Report) has witnessed 5.2% upward estimate revision over the last 60 days. Also, the company’s shares have risen above 30% in the past year. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
M&T Bank Corporation (MTB - Free Report) has witnessed 2.5% upward estimate revision over the last 60 days. Additionally, the stock has jumped more than 8% in a year’s time. It currently carries a Zacks Rank #2 (Buy).
Northern Trust Corporation’s (NTRS - Free Report) Zacks Consensus Estimate for current-year earnings has been revised 2.8% upward over the last 60 days. Also, the company’s shares have risen more than 20% in the past year. It carries a Zacks Rank of 2, at present.
(We are reissuing this article to correct a mistake. The original article, issued on August 14, 2018, should no longer be relied upon.)