Wells Fargo Exits Reverse Mortgage Business – Wells Fargo, the leading originator of reverse mortgages, announced today that they will discontinue offering Home Equity Conversion Mortgages (HECM). This comes after their March 1, 2011 announcement that they were exiting the wholesale reverse mortgage business.
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Wells Fargo – the nation’s largest funder of home mortgages through loan brokers – is calling it quits on wholesale lending. Wells’ decision to exit the channel comes in the wake of a fair lending.
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.
Earlier this week, Wells Fargo announced its decision to acquire mortgage servicing rights (msrs) worth billion from Seneca Mortgage Investments in a move that will reverse the trend. plans to.
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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.
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.
2011-06-16 · Wells Fargo Home Mortgage customers with reverse mortgages may call the company with questions at 800-472-3209. Wells Fargo Home Mortgage customers with a reverse mortgage loan application in process may call their reverse mortgage consultant with questions. New applications will not be accepted after June 30, 2011.
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.
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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.
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Wells Fargo Capital Finance (WFCF) is one of the top lead arrangers of asset-based loans in the U.S. with a large and diversified portfolio of close to 2,500 customers and $37 billion in loans outstanding.