Wells Fargo Gets Into The Reverse Mortgage Wholesale Business

wfcolor It’s official… the largest HECM originator in the country has entered the reverse mortgage wholesale business.  I’m surprised it took Wells Fargo this long to get into the business but I’m sure they’re looking for production after they recently decided to close down their subprime wholesale division.

Wells is offering two different avenues to their brokers for reverse mortgages.  The first is their new Wholesale Direct avenue.  This is targeted at FHA approved brokers and is meant to cater to companies who have a commitment to offering reverse mortgages.  The second is their Wholesale Referral program which is also known as the Broker Connection program.  This is the same thing as the HECM advisor program that they have always offered to non FHA approved brokers.  Currently, it looks like they will offer the standard HECM products as well as the Fannie Mae Home Keeper.  In the information that I received there was nothing about any jumbo products.

Those are all the details that I have now… more to come soon.

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  • I have been doing Reverse Mortgages for America First for about 10 years and we were selling them to Financial Freedom. Recently Financial Freedom imposed a moratorium on the HECM advantage and HECM 100 programs, so we are looking for a new Reverse Wholesale Co. to sell these to.

    Can you please either call me at 801-965-3208 or email me (address given above) some of the detail on you wholesale purchases & broker terms for these loans. It would be appreciated.

    Thanks
    Irene Merritt
    America First Credit Union

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