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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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Wells Fargo Wholesale Lending has decided to discontinue offering its Home Equity Conversion Mortgage (HECM) and reverse mortgage programs to the wholesale channel. Wells Fargo will be accepting reverse mortgage applications through close of business on Friday, March 18, and its wholesale reverse pipeline must fund by Saturday, April 30.
Request additional information, schedule a showing, save to your property organizer.Wells Fargo exits wholesale reverse mortgage 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.A spokeswoman for Angela Corey.
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 [.]
Reverse Mortgage Age Requirement Pensacola pensacola fha reverse mortgage lenders for seniors If you are a Pensacola homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the Pensacola home, you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program.
However, in 2011 Wells Fargo exited the reverse mortgage business, stating that it no longer made business sense to continue with the product. Its exit coincided with those of Metlife and Bank of America, two other large players within the industry.
Wells Fargo is exiting the reverse mortgage business, according to a company press release. The San Francisco-based bank and mortgage lender said it will discontinue the loan origination of Home Equity Conversion Mortgages (HECM) on June 30, 2011.