Wells Fargo Exits Wholesale Reverse Mortgage

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Wells Fargo Announces Exit From Wholesale Channel Following Lawsuit Settlement. that some Wells Fargo mortgages may have had a disparate impact on some African-American and Hispanic borrowers.

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 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 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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Wholesale mortgage lending refers to the practice of a bank funding loans made by independent brokers. In a separate settlement, Wells Fargo will pay Baltimore $7.5 million to settle the city’s.

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%.

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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 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.

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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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