Wells Fargo Exits Wholesale Reverse Mortgage
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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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But you might be surprised to see who’s on which side: Wells Fargo & Co. decided to exit reverse mortgages after federal officials insisted it foreclose on elderly customers who were behind on.
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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.
"The banks dominate the mortgage banking industry now. Other than Countrywide, the large banks are really the main originators," says Tom LaMalfa, managing director of mortgage research company.
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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· DES MOINES, Iowa–(BUSINESS WIRE)–Wells fargo home mortgage announced today that it will discontinue origination of Home Equity Conversion Mortgages (HECM), commonly known as reverse mortgages.
I brokered reverse mortgages until joining Wells Fargo’s reverse mortgage team in September of 2003.. How to Analyze a Wholesale Deal in Real Estate. Bruce Simmons, CRMP. Reverse Mortgage.
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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.