Bank of America Corp., Wells Fargo & Co. and MetLife, once among the top issuers of reverse mortgages, have been retreating from the market after the housing slide eroded the home equity that seniors.
· Wells Fargo said its inability to assess borrowers’ financial health was the biggest factor in leaving the business. Anyone over 62 with enough home equity can take out a reverse mortgage.
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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.
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.
Consumers are likely to be confused with the recent exits from the reverse mortgage market by Financial Freedom, Bank of America, Wells Fargo (wholesale) and seattle mortgage. happening all at once, the public might perceive something negative is going on with the industry. The reasons are quite
· Why did Wells Fargo exit the reverse mortgage business? In a statement, Wells Fargo said it was leaving the reverse mortgage business in part.
· E-Trade exits wholesale mortgage business E-Trade – to halt mortgage lending Earl Shilton building society (UK) – halts mortgage lending. New Horizons Reverse Mortgage Inc. – filed for Chapter 7 bankruptcy New Liberty Bank – shut by FDIC. Wells Fargo Home Mortgage – cut jobs in Fort Mill, SC Wescom Credit Union – exited.