Wells Fargo Exits Wholesale Reverse Mortgage
Wells Fargo will exit the wholesale reverse mortgage business and will no longer accept applications through its broker channel after March 18th. "After a detailed review of evaluation of volume and goals for 2011, Wells Fargo Wholesale mortgage lending (our broker channel) has decided to discontinue offering reverse mortgage loans," said Veronica Clemons, spokesperson for [.]
· Wells Fargo announced in March it would no longer accept reverse mortgages through its broker network, and last week it got out of the industry altogether. Wells Fargo, the nation’s largest.
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Within less than a year both Bank of America and now Wells Fargo have exited reverse mortgage market. The reasons for the departures may have more to do with infrastructure set-ups, being able to achieve profitability, and getting in compliance with changing regulations from the Department of Housing and Urban Development (HUD) than with the product [.]
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Wells Fargo Home Mortgage is getting out of the reverse mortgage wholesale production channel, a spokesman confirmed. However, it still will originate these loans through the retail channel. The Wells Fargo & Co unit will accept applications for the product from third-party originators through March 18.
Wells Fargo says it will no longer fund loans made by independent mortgage brokers. The announcement comes in the wake of a $175 million legal settlement announced Thursday in which Wells was.
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Wells fargo wholesale lending has decided to discontinue offering its Home Equity Conversion Mortgage (HECM) and reverse mortgage programs to the wholesale channel. Wells Fargo will be accepting reverse mortgage applications through close of business on Friday, March 18, and its wholesale reverse pipeline must fund by Saturday, April 30.
Wells Fargo is a $1.9 trillion-asset bank that offers many mortgage options beyond the conforming loans that most banks offer through Fannie Mae and Freddie Mac.
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Upon the announcement that it would exit the reverse mortgage business, Wells Fargo’s executives told industry press outlet Reverse Mortgage Daily that home price unpredictability combined with HECM program restrictions made it difficult to determine whether borrowers could meet their loan obligations.