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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.
At the time, the reference was to the then-common practice. according to the nation’s two largest reverse mortgage lenders, Wells Fargo and Bank of America, both of which have tapped out of the.
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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, 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.
Wells Fargo & Co., the largest U.S. home lender, said it was exiting the business of reverse mortgages because of the possibility that property values will decline further, displacing as many as 1,000.
Wells Fargo is putting an end to reverse mortgages at the end of the month, the controversial home equity loan taken out by borrowers over the age of 62. According to the Wall Street Journal, the bank.
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.
· Wells Fargo Announces Exit From Wholesale Channel Following Lawsuit Settlement. survey of Wells Fargo Home Mortgage loans between 2004.
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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 [.]
“Wholesale-Only Platform. requirements and restrictions. Wells Fargo Funding has expanded its identity-of-interest requirements for conventional Conforming and Non-Conforming Loans as follows: A.