Navigation


Lijit Search
Be notified of
page updates
it's private
powered by
ChangeDetection

See companies still doing business in this state.

Current news for this company:


Wells Fargo - Home Equity - Wholesale

2007-11-26

Comment on this article | Subscribe by email!

Wells Fargo will discontinue Wholesale Home Equity lending effective today. Here are a few excerpts from their memo:

"We will discontinue:

non-Wells Fargo simultaneous second liens, i.e. piggybacks with any lender other than Wells Fargo will be prohibited;

1 standalone second liens where the existing first mortgage is not already with Wells Fargo, i.e. standalones with any lender other than Wells Fargo will be prohibited; and,

2 standalones in the first-lien position

- In addition to the Home Equity products still offered in our Wholesale channel, simultaneous close CCG Home Equity products and stand-alone Home Equity products will continue to be available through our retail lending channels and other home equity products will be available through Wells Fargo Financial. And, we will continue to offer prime first mortgage products throughout our lending channels.

1 Various Home Equity products will also continue to be available through our Retail lending channel and Wells Fargo Financial. And, we will continue to offer prime first mortgage products throughout our lending channels.

2 We will honor complete applications (i.e., 1003, Loan Submission Form, and credit bureau) submitted on or before end of business, Monday, Nov. 26, provided they fund by the earlier of the expiration of the credit approval or December 28, 2007."

Under a section entitled "Impacts to Team Members," the memo goes on to say "...we encourage impacted team members to apply for open positions."

Frankly, based upon the sloppy formatting and language of the email, we believe it was put together in a hurry. It certainly does not appear in the same format with images and a 'letterhead' look as previous Wells announcements. The Mortgage Lender Implode-O-Meter earlier had placed the basic shut-down information in our News line-up mid-day on the 26th of November. We learned this news was not to be distributed for 24 to 48 hours. So perhaps 'yours truly' moved up the schedule.

To read the entire email, please click here.

It will be interesting to see how many open positions Wells Fargo has for this team. If you know how many are affected, or if they have any luck getting re-hired internally, let us know... please.


Bookmark and Share


Comments: Be the first to add a comment

add a comment | go to forum thread

Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.