As previously announced in Newsflash C17-057, dated November 14, 2017, Wells Fargo Funding will no longer offer. and MB Financial. "U.S. Bank Home Mortgage will exit the Wholesale Mortgage Lending.
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American Advisors Group has added Ted Zepfel as Vice President of Operations for Alternative Distribution, where he will oversee all operational facets of the national field sales and wholesale. At.
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.
"The banks dominate the mortgage banking industry now. Other than Countrywide, the large banks are really the main originators," says Tom LaMalfa, managing director of mortgage research company.
The largest player in the reverse-mortgage business in Illinois and nationally is calling it quits and announced its decision in a way that raises a few eyebrows about the business of letting seniors.
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 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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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.
Carrington Mortgage Services LLC to Capstone Property Partners II LLC, 531 E. Main St., Birdsboro, $51,015. 3227 Perkiomen LLC to G&B Investments LLC, 3227 Perkiomen Ave., Exeter Township, $830,000.
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.