Wells Fargo Eliminates Servicing and Origination Fee for Adjustable Rate HECM

As lenders continue to aggressively compete for reverse mortgage business, Wells Fargo quietly started offering an adjustable rate HECM product without an origination and service fee set aside. While there hasn’t been an official announcement, a Wells Fargo spokesperson confirmed with RMD the company recently released the product.

Prudential Homesale Launches Joint Venture with Wells Fargo

Prudential Homesale Services Group announced it has formed a joint venture with Wells Fargo Home mortgage to originate, process, and fund mortgage loans for Prudential Homesale customers. The joint venture, HomeSale Lending, LLC, is co-owned by Wells Fargo Home Mortgage and Prudential Homesale Services Group. “We are proud to be in this relationship with Wells […]

Interview: Jeff Taylor Discusses Reverse Mortgage Data and Growth

After stepping down from his position as the head of Wells Fargo’s reverse mortgage business, Jeff Taylor announced that he was joining Reverse Market Insight as Chairman to help expand the companies consulting business. With HUD’s decision to reduce the principal limits for its FHA insured reverse mortgage product, Taylor is confident there is growth […]

Former Head of Wells Fargo Reverse Mortgage Joins RM Insight

While Jeff Taylor technically retired from his position as the head of Wells Fargo’s reverse mortgage business a few weeks ago, retirement is officially over.  Last week, Taylor joined Reverse Market Insight as its Chairman to help expand the companies consulting business. “Jeff’s decision to join as Chairman adds decades of irreplaceable experience and connections […]

Taylor Retires, Wells Fargo Names New Head of Reverse Mortgage Business

Jeff Taylor, a nearly 40-year veteran of the mortgage industry, has announced his retirement from Wells Fargo Home Mortgage.  Based in Greensboro, N.C., Taylor served as vice president and national program manager for Wells Fargo’s Senior Products Group and helped lead the company to become the nation’s leading retail originator of reverse mortgages. “During his […]

Big Firms Want Big Reverse Mortgage Footprint

An article from Investment News discusses some of the recent reverse mortgage acquisitions and why the purchases have all been made in the last six months.  “It’s the right opportunity, right time given our core mission,” said Ron Cordes, chairman of AssetMark Investment Services Inc., a Pleasant Hill, Calif.-based subsidiary of Genworth. “From accumulation to distribution, […]

Wells Fargo Gets Into The Reverse Mortgage Wholesale Business

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 […]