Posted by Ilene C. Seidel on 6/17/11 11:07am
Msg #386612

Wells Fargo has stopped underwriting Reverse Mtgs

http://sn113w.snt113.mail.live.com/default.aspx?rru=getmsg#fid=1&fav=1&n=1541264129&rru=inbox&mid=6eafba9c-98fa-11e0-b169-00237de3f546&fv=1

Reply by Ilene C. Seidel on 6/17/11 11:09am
Msg #386614

Use this one

http://www.housingwire.com/2011/06/16/wells-fargo-ends-reverse-mortgages

use this one

Reply by Lee/AR on 6/17/11 11:47am
Msg #386627

Uh-oh...also means they expect a further drop in home values

b-bye refis~~

Reply by Ilene C. Seidel on 6/17/11 12:28pm
Msg #386644

Re: Uh-oh...also means they expect a further drop in home values

A local title company I work for says there are loans being processed in the pipeline they plan on receiving them after summer is over.

Reply by Linda_H/FL on 6/17/11 12:30pm
Msg #386645

That's not a new thing...I heard on the news the other day

they expect values to drop another 25-30% this year!!

Reply by MW/VA on 6/17/11 3:30pm
Msg #386681

That's too bad. I've closed quite a few for them, worked

with some great people here locally, and have even referred some friends to them.
Sad news, indeed. Since these are FHA insured loans, I'm sure it's all about the risk factors, with property values continuing to decrease.
BTW, I know some folks who are "upside down" on their RM's. They borrowed a few years ago when values were inflated & now have drawn out more than the current property value. That's going to be another lose-lose for FHA down the road.