Wells Fargo Exits Wholesale Reverse Mortgage

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FHA home equity conversion mortgages (known as reverse mortgages) and FHA Title I loans (financing. or suspends your mortgage payments while money is short. For example, Wells Fargo and LoanDepot.

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Wells Fargo Announces Exit From Wholesale Channel Following Lawsuit Settlement. that some Wells Fargo mortgages may have had a disparate impact on some African-American and Hispanic borrowers.

Welcome to Wells fargo home mortgage Institutional Lending. Wells Fargo Home Mortgage Institutional Lending Group (IL), is a division of Wells Fargo Home Mortgage, Inc., accounting for nearly half of the mortgage company’s business. The IL group consists of three different Business Lines: Correspondent (Funding) and Institutional Conduit Sales (ICS).

“All current Wells Fargo reverse mortgage borrowers will continue to be serviced. Why did Wells Fargo exit the reverse mortgage business?

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The company became the largest originator of reverse mortgages after Wells Fargo (WFC) and Bank of America (BAC) left the business last.

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Bank of America announced in February 2011 that it would exit the reverse mortgage business, and Wells Fargo made a similar announcement later that year. Wells Fargo originated more than 16,000 reverse mortgages in the prior year. Bank of America stated that reverse mortgages were not part of the company’s "core" business at the time.

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.

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.

The largest reverse mortgage lender in the country, Wells Fargo has 26.2% market share according to the latest data from Reverse Market Insight. In April, it endorsed 1,317 reverse mortgages, and its annual total for 2010 came to 16,213 HECM units.