Wells Fargo tightens noose on third-party originations

MortgageDrummer at 10:21 2009-08-19 said:

It's happening. . .the closures start on the east coast and eventually the wholesale offices are closed across the nation . . . and before you know it. . the west coast. . and then suddenly . .there is NO more WHOLESALE

The government is taking over. . they now own our industry just like the auto industry .. now us. . . God help our realtor community . . . as you will too be W-2 by the government. . . Self employed , build you business, treat people right, is gone, they are in control now. . . just put your hands behind your head. . spread em. . . it will be ok. . . . Ok????

:cry: OMG please help us!!!!!! :cry:

they are taking over. . . . please help us. . . . Permalink

goodinnit at 15:06 2009-08-19 said:

Folks - I predicted last fall that Chase Wholesale was going to close down. Why? Because they continued to make third party orig more difficult, complex and non-broker friendly. Evey wholesale operation that "imploded" prior to December 2008 followed that same pattern. Well, WF wholesale is in that final wholesale death-spin. Nobody, I mean nobody, has turned every new regulatory issue like HVCC, the new TILA rules, etc. etc. into a complex, form-ridden, time-sucking bureaucracy to the extent that WF wholesale has. There are forms to order forms. It's cumbersome beyond belief to broker to WF today. I assure you WF Wholesale will be out of the TPO business by end of year. You can't even transfer an HVCC-compliant appraisal to, or from, WF. You take a deal to WF and you may as well consider yourself a WF retail originator, cuz your deal can't go anywhere else. I further predict the loan origination business, if Obamametrics succeeds, will simply be an ATM on every street corner doling out vanilla loans for $995 flat fee - via a gov'mint run super Agency. You heard it here first. Permalink

mortgagemess at 23:15 2009-08-19 said:

Expect more to follow as the few lenders who are left to pick up the gravy train of the last bit of brokers, decide to call it quits(pressure from the bigger boys in the playground and the fact that our goverment is making them even richer WITHOUT brokers!)..

I give credit to the few brokers left holding out..but face it..it is like running through a approaching hurricane....at a certain point you will be paper in the wind! Permalink