Since this week ‘s announcement, has WF stopped taking new mortgage applications? When will we see things really slow down?
6 replies (most recent on top)
Wells is still in the retail mortgage market and that isn’t changing. Our overall volume will decrease significantly due to no longer “buying” in the correspondent channel. Retail wise it will just be how we handle marketing and possibly pricing and adjusters for current customers and then our usage of the SPCP to target Lower Moderate Income borrowers and CRA loans.
I think you meant credit lines. Or maybe you don't understand the difference.
@fvh+1kE2vQnG who wanted to get rid of credit cards? where's your proof
This decision from the same guy, who last year, wanted to get rid of credit cards. We only still have it because the customers revolted. Mortgages, customers can use Rocket Mortgage. I guess WF lost that fight.
Yeah if Wells is doing it, surely it's the right move lol
They've been declining for a while. This "pullback" is at least partially driven by market conditions. Everyone's pipeline is dried up. If the mortgage market was going gangbusters, WF would not be "pulling back" from it.