Wells Fargo & Co. decided to exit reverse mortgages after federal officials insisted it foreclose on elderly customers who were behind on property tax and insurance payments, a Wells executive wrote in an email to business contacts Friday. The San Francisco-based bank had other reasons to shut down its 1,000-employee reverse mortgage unit.
· ”Wells Fargo has long taken advantage of the FHA mortgage insurance program, designed to help millions of Americans realize the dream of home ownership, to write thousands and thousands of faulty loans. Driven to maximize profits, Wells Fargo employed shoddy underwriting practices to drive up loan volume, at the expense of loan quality.
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; 2011: Wells Fargo decides to exit the reverse mortgage business
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.
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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.
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.
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.
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.
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