Skip to main content

Wells Fargo Ends Reverse Mortgage Wholesale Program

NationalMortgageProfessional.com
Mar 02, 2011

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. This announcement comes on the heels of Wells Fargo leading the reverse mortgage market with a 23.1 percent market share based on early January numbers reported by Reverse Market Insight. “This move allows us to focus on forward mortgages and our other products and programs, while proving stellar customer service,” said Kathleen Vaughan, executive vice president of Wells Fargo Wholesale Lending in a statement. This move by Wells Fargo comes on the heels of an early February announcement from Bank of America that they too are exiting the reverse mortgage business. “Wells Fargo is retreating from the broker business because they perceive it as too risky,” said Atare E. Agbamu, president of ThinkReverse LLC and author of Think Reverse!: The Complete Guide to Marketing and Originating Reverse Mortgages for Mortgage Professionals and Financial Advisors. The Wells Fargo Reverse Broker’s First Web site will remain open through March 18, 2011. According to the January Reverse Market Insight first Wholesale Leaders report of 2011, Wells Fargo’s 23.1 percent share of the market was ahead of Bank of America with an 18.2 percent market share and MetLife Bank with a 14.4 percent share. For more information, visit www.wellsfargo.com.  
Published
Mar 02, 2011
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Industry News
Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Industry News
Jan 26, 2023
Housing Prices Across Texas Likely Hobbled In 2023

But you’re getting a lot less for $1 million

Industry News
Jan 23, 2023
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Operations
Jan 09, 2023