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Wells Fargo offers competitive rates and a variety of home loan options – plus we’ll guide you through the mortgage process. Visit Wells Fargo to check rates and use our mortgage calculators!
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Today Wells-Fargo announced that they are exiting the wholesale lending business, leaving a gaping hole in the wholesale landscape. The exit follows the settlement of a lawsuit between the Department of Justice and Wells Fargo. The lawsuit stemmed from claims relating to mortgages priced and.
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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
Exits by major financial institutions like MetLife, Wells Fargo, and Bank of America have been hard on the reverse mortgage industry from a public perception perspective, but the loss of liquidity as a result of those exits could also present other issues.
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The Wells Fargo & Co unit will accept applications for the product from third-party originators through March 18. The decision was made to exit wholesale for reverse mortgages after Wells Fargo did a detailed review of its production volume and goals for this product, the spokesman said.
Back to basics. Wells Fargo recently updated their reverse mortgage section with the latest definition of what is a reverse mortgage. While they do not list rates on their site, having the basic understanding goes a long way for a senior or loved one looking for basic information.
Wells Fargo – halts wholesale reverse mortgage lending Wells Fargo – cutting jobs as HARP demand falls Wells Fargo – cutting 145 wholesale mortgage jobs in Orange County Wells Fargo – to buy Wachovia Wells Fargo Financial – to close 638 stores, halt origination of non-prime portfolio mortgages Wells Fargo Home Mortgage – halts.
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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.