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 [.]
This is unlikely to reverse course going into next. Today I can take a loan from Wells Fargo just by saying that I won’t work with Wells Fargo.” But if the market for purchase mortgages is tough,
Wells Fargo says it will no longer fund loans made by independent mortgage brokers. The announcement comes in the wake of a $175 million legal settlement announced Thursday in which Wells was.
In fact, HUD’s mandates and guidelines might actually have gone too far, according to the nation’s two largest reverse mortgage lenders, Wells Fargo and Bank of America, both of which have tapped out of the reverse business entirely over the last few months, according to The New York Times.