The largest reverse mortgage lender in the country, Wells Fargo has 26.2% market share according to the latest data from Reverse Market Insight. In April, it endorsed 1,317 reverse mortgages, and its annual total for 2010 came to 16,213 HECM units.
Wells Fargo Bank said it will no longer fund loans made by independent mortgage brokers. The announcement comes in the wake of a $175 million legal settlement announced July 12 in which Wells was.
Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing. its existing servicing portfolio after its origination exit, though it gradually sold off.
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 was at one time the largest reverse mortgage lender in the country. It was only a short time later that the company decided to close its reverse mortgage business, leading to an unexpected timeline of events: 2010: Wells Fargo reaches a staggering 25% market share; 2011: Wells Fargo decides to exit the reverse mortgage business
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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 [.]
While Wells Fargo denies the claims, the company has agreed to pay $125 million to borrowers that the DOJ believes were adversely impacted by mortgages priced and sold by independent mortgage brokers.
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. There is a lot of speculation as to why Wells fargo reverse mortgage would make this move.
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With Wells Fargo’s exit from the reverse mortgage market now complete, the banking giant has shed more than 100 jobs associated with former its home equity conversion mortgage servicing operations.
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.