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