Wells Fargo Exits Wholesale Reverse Mortgage

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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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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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Wells Fargo Exits Reverse Mortgage Business – 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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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.

In what's become a trend, another lender announced this week that it is scaling back its mortgage business. Recently, HomeStreet Bank.

The nation’s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure. wells fargo, the largest provider, said on Thursday.

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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.

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