Wells Fargo Exits Wholesale Reverse Mortgage

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Upon the announcement that it would exit the reverse mortgage business, Wells Fargo’s executives told industry press outlet Reverse Mortgage Daily that home price unpredictability combined with HECM program restrictions made it difficult to determine whether borrowers could meet their loan obligations.

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Why Wells Fargo Dropped Reverse Mortgages. Wells Fargo, the leading originator of reverse mortgages, announced today that they will discontinue offering Home Equity Conversion Mortgages (HECM). This comes after their March 1, 2011 announcement that they were exiting the wholesale reverse mortgage business.

Scheiern has over 23 years leadership experience in business development in financial services and the mortgage industry including american express and Wells Fargo. retail and wholesale space,".

Walter agreed at the time to a purchase price of up to $31 million with RMS seeing the acquisition as an opportunity to grow its origination business both in the addition of retail and wholesale.

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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.

Bank of America Corp. in February said it made a “strategic decision to exit. of mortgage giant Countrywide Financial Corp. Other largest banks remain in the business, including San Francisco-based.

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.

Bank of New York Mellon recently announced plans to launch home equity retirement Solutions later this year, marking its re-entry into the reverse mortgage business. The move aims to attract more.

The reverse mortgage industry hadn’t seen a big player dip its toe in HECM waters since MetLife and Wells Fargo shuttered their reverse operations. circumstances,” a surprise move that took some.

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.

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