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.
Have a great weekend!