Wells Fargo Exits Wholesale Reverse Mortgage

Wells Fargo has announced that it is closing its wholesale reverse mortgage business in two weeks. "This move allows us to focus on forward mortgages and our other products and programs," says Kathleen Vaughan, executive vice president, in a statement to its reverse mortgage brokers. "We will accept reverse mortgage applications through close of business on Friday, March 18, and the wholesale reverse pipeline must fund by Saturday, April 30."


Wells Fargo is the nation's largest retail reverse mortgage originator, and this aspect of its business will remain in place. The San Francisco-based institution is the second major lender to wind down its reverse mortgage operations - Bank of America announced last month that it was shutting down its reverse mortgage activities.



SOURCE: Wells Fargo