Wells Fargo ups commissions to spur loan production

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Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

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Wells Fargo continues to be plagued by mortgage loan repurchases resulting in losses of $462MM in the quarter, but that was actually down from $669MM in the 2nd quarter.

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Wells Fargo Bank Run United States. Down nationwide. Wells Fargo has decided to combat its decreasing loan revenues by increasing the amount of commission it pays to its loan officers. The bank hopes this will stem the decline in its mortgage.

Wells Fargo Ups Signing Bonuses to As Much As 325% of Trailing Production January 23, 2019 After shedding 576 financial advisors in 2018, Wells Fargo has made a bold move by raising the recruitment bonuses it offers to new hires to levels its rivals have stepped away from during the past three years, according to news reports.

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According to a report from Bloomberg, Wells Fargo has increased its loan officers’ top commission rate to 70 basis points, up from the previous commission rate of 63 basis points. The changes took effect on July 1. That means an employee who completes $1.6 million of loans in a month would earn a base commission of $11,200, up from $10,080.

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