Wells Fargo Exits Wholesale Reverse Mortgage

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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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Characterizing reverse mortgages as “misunderstood,” a new article that aims to answer five key questions for. Why do a reverse mortgage? Why did Wells Fargo stop offering reverse mortgages? Upon the announcement that it would exit the reverse mortgage business, Wells Fargo’s executives told industry press outlet reverse mortgage Daily.

 · Wells fargo exits reverse mortgage Business. Fox Business. Citing the turbulent housing market, banking giant Wells Fargo (WFC) disclosed plans on Thursday to shut down its reverse-mortgage business, ending more than 20 years in the space.

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 · NEW YORK (Reuters) – Wells Fargo & Co (), the fourth-biggest U.S. bank, said it will no longer make reverse mortgages because home prices are too unpredictable.Wells Fargo was the biggest maker of.

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Lending Manager/ACO at Wells Fargo Phoenix, & Reverse Mortgage origination Channels. Leading on-site & remote Associates working in our Intake, Loan Coordination, Underwriting, Closing.

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.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

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.