Federally insured reverse mortgage rules are getting a makeover. “You know, some people have told me reverse mortgages sound too good to be true,” the actor and former senator fred thompson says. “I mean, you get cash out of your. nearly 10 percent – in the.
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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
Wells Fargo Bank said it will no longer fund loans made by independent mortgage brokers. The announcement comes in the wake of a $175 million legal settlement announced July 12 in which Wells was.
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Wells Fargo’s exit from reverse mortgages. In another major shakeup for our industry, Wells Fargo announced today it’s plans to cease offering reverse mortgages after June 30th or the end of this month. There were rumblings of change this winter when Wells announced the closure of their wholesale reverse mortgage operations in March.
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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.
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.
The decision to exit wholesale was made by Wells Fargo “on its own volition,” the bank said in a statement about that accord. The company made $7.4 billion of mortgages through brokers in the first.
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.
Wells Fargo has reversed itself on reverse mortgages. The bank, one of two biggest providers of such loans (along with Bank of America), said last week it would be exiting the business, although.
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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.