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 [.]
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Wells Fargo is getting out of the reverse mortgage business, the San Francisco-based lender has announced. The company cited unpredictable home values in the current market in its decision to no.
Wells fargo announced plans to cease offering reverse mortgages through their wholesale channel after March 18, 2011. The move comes as little surprise considering Wells Fargo has made very little.
Wells Fargo has reversed itself on reverse mortgages. The bank, one of two biggest providers of such loans (along with Bank of America), said last week it would be exiting the business, although jittery customers apparently have little to fear. Bank of America previously announced its own departure earlier this year.
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Wells Fargo’s exit from reverse mortgages In another major shakeup for our industry, Wells Fargo announced today it’s plans to cease offering reverse mortgages after June 30th or the end of this month. There were rumblings of change this winter when Wells announced the closure of their wholesale reverse mortgage operations in March.
Wells Fargo announced plans to cease offering reverse mortgages through their wholesale channel after March 18, 2011. The move comes as little surprise considering Wells Fargo has made very little.
Wells Fargo is exiting the reverse mortgage business, according to a company press release. The San Francisco-based bank and mortgage lender said it will discontinue the loan origination of Home Equity Conversion Mortgages (HECM) on June 30, 2011.
Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home Equity Conversion Mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs – the last remaining in.
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