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.
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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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.
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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.
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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.
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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Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home equity conversion mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs – the last remaining in.
Wells Fargo to Exit Wholesale Reverse Mortgage Business By John Yedinak | March 1, 2011 June 11, 2019 Wells Fargo will exit the wholesale reverse mortgage business and will no longer accept applications through its broker channel after March 18th.