Wells Fargo & Co. [stock WFC][/stock], as of this week, has suspended non-conforming mortgage product offerings through its wholesale channel, due to "low market demand and higher risks. Wells Fargo has announced that it is closing its wholesale reverse mortgage business in two weeks.
While it is closing down its origination channel, Wells Fargo will continue to service the loans of existing customers. The largest reverse mortgage lender in the country, Wells Fargo has 26.2%.
The Wells Fargo & Co. unit will accept applications for the product from third-party originators through March 18. The decision was made to exit wholesale for reverse mortgages after Wells Fargo did a detailed review of its production volume and goals for this product, the spokesman said.
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Although it has been inactive for years, Wells Fargo is still by far the largest reverse mortgage lender in history. It originated over 160,000 HECM loans, whereas the second largest lender, Financial Freedom Senior Funding, has originated about 25% of that number at 49,000. Will Wells Fargo begin offering reverse mortgages again? Only time.
Back in February Bank of America did the same thing, and in March Wells took reverse mortgages away from wholesale (brokers) and has been originating them only through its own branches. In 2010.
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Wells Fargo has reversed itself on reverse mortgages. The bank, one of two biggest providers. He expects any slack created by his bank’s and Bank of America’s exits to be taken up by other lenders.
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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.
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.
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The decision to exit wholesale was made by wells fargo “on its own volition,” the bank said in a statement about that accord. The company made $7.4 billion of mortgages through brokers in the first.