Wells Fargo Hires Two CFPB Experts on Mortgage Rules

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WASHINGTON Two officials of the Consumer Financial Protection Bureau who played important roles in shaping the new mortgage rules have joined Wells Fargo (WFC).

Wells recently hired Peter Carroll, the CFPB's assistant director of mortgage markets, and Lisa Applegate, the bureau's mortgage-implementation lead, to help Wells Fargo expand its focus on mortgage policies and the home loan capital markets, a Wells Fargo spokeswoman said.

Carroll became senior vice president of capital markets at Wells Fargo Home Mortgages last month, and Applegate will start April 28 as strategic quality manager within Wells' home lending capital markets group.

Both had a hand in guiding the agency through its biggest rulemaking on the mortgage market that took effect in January. They will work in Washington.

The hires are part of a larger initiative by Wells to "offer effective guidance on policy matters" in light of the changing industry and mortgage market, the spokeswoman said.

Wells Fargo Home Mortgages also recently added Raghu Kakumanu to its policy team. He was named senior vice president of public policy initiatives; he had previously overseen financial reform matters. Both Carroll and Kakumanu will focus on policy matters affecting the secondary market.

The CFPB has named Abhishek Agarwal the acting replacement for Carroll while its searches for a permanent successor.

Applegate's "position was intended to span the length of the regulatory implementation period for the bulk of our mortgage rules," a CFPB spokesman said. Regulatory implementation will continue to be led by officials in the markets and regulations offices, the spokesman said.

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