As of Friday, Wells Fargo is no longer accepting broker originations. Per the press release:
Wells Fargo & Co. announced that it would stop buying loans from mortgage brokers, effective on Friday. Wells says that loans from independent brokers account for just 5% of its originations, but the San Francisco, Calif., based bank is nonetheless a major player in the broker market. It accounted for one in five purchases of loans from brokers during the first quarter, making it the largest such buyer, according to Inside Mortgage Finance.
Some large national banks, including Bank of America Corp., Citigroup Inc. and J.P. Morgan Chase & Co., have already exited the sector.
Fortunately Fairview is still accepting loan originations from mortgage brokers on both investment single family homes and commercial properties. To learn more about our broker products please visit: https://www.fairviewlending.com/loan_program.htm
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