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OnetoWatch
Dud?
Joined: 21 Nov 2007
Posts: 10
Location: United States
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Any news on Wells Fargo Home Equity Wholesale? There regular Mortgage Reps are referring seconds to other companys. Are they shutting down wholesale HE?  Reply with info |
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Remember the reserve wanted to cool the housing market? They achieved the goal!!! |
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Heather4766
Flash in the pan
Joined: 07 Aug 2007
Posts: 32
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My brother is a Wells HE rep and as of today they are still very much in business. |
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OnetoWatch
Dud?
Joined: 21 Nov 2007
Posts: 10
Location: United States
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Hope he does well, there are some grumblings, keep me posted.  |
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Remember the reserve wanted to cool the housing market? They achieved the goal!!! |
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Jobless79
Flash in the pan
Joined: 21 Nov 2007
Posts: 50
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WF HE only offers full doc loans. stated is completely gone...assuming it will eventually be merged with the WF Prime mortgage side as there's nothing left to sell... |
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UghMortgageBiz
Spontaneously Combusted
Joined: 12 Mar 2007
Posts: 2099
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| Jobless79 wrote: |
| WF HE only offers full doc loans. |
Perhaps wholesale, but that is not true for retail. |
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Jobless79
Flash in the pan
Joined: 21 Nov 2007
Posts: 50
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you're probably right...time to make a switch over.
| UghMortgageBiz wrote: |
| Jobless79 wrote: |
| WF HE only offers full doc loans. |
Perhaps wholesale, but that is not true for retail. |
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Jobless79
Flash in the pan
Joined: 21 Nov 2007
Posts: 50
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WELLS FARGO HOME EQUITY IS DONE!! |
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johnnyo
Cherry Bomb
Joined: 25 Oct 2007
Posts: 183
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Jobless79
Flash in the pan
Joined: 21 Nov 2007
Posts: 50
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there were numerous conference calls this morning and the wholesale home equity channel is closing since they will only be doing WF piggybacks. All standalone and Non-WF piggybacks will no longer be offered. The brokers will be receiving a newsflash either today or tomorrow regarding these changes. But as of right now, I have no physical proof. Will keep you guys updated. |
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catherine
Demolition Man
Joined: 24 Oct 2007
Posts: 2307
Location: FLORIDA
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this is the industry heading toward "VANILLA"............FIXED 30 YEAR, 25-30% DOWN.............YIPPPEEEE..........HOW MUCH TALENT DO YOU THINK IT WILL TAKE AT THE BANK TO SELL THAT..............besides this will be the only loan that the government will insure and there will be no one or nothing else............. |
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