Wells Fargo Pulling Out of Investment Property Loans (somewhat)
Wells Fargo announced last week that they decided to take the conservative approach with some of it correspondent channels and will no longer be purchasing some non-owner occupied loans in the secondary market. All retail departments and some correspondent channels will remain unchanged. Rob Bonahoom, with Cornerstone Mortgage, reports that this change may be a concern, by Wells Fargo, about mis-classifying some properties that could lead to RESPA violations. Read his article here at the Investment Property Mortgage Guy.
This appears to be further tightening of standards that Wells Fargo announced on February 27, in which they were pulling some loan products out of some markets and increasing down payment requirements in others. The February 27 report stated that underwriting standards are also being tightened in markets in Arizona, Colorado, Connecticut, Washington, D.C., Illinois, Louisiana, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Washington, Wisconsin and West Virginia, Reuters reported.
good to listien that the wells fargo pulling out of investment property loans.very good post.
How do you think this relates to WF’s recent announcement for accepting refi’s and loan mods?
I am in the mortgage business and i think it is insane the amounts of money people are paying for a unpredictable outcome. It is time consuming but you can do it yourself! If you are doing a short pay refinance you will need the assistance of a licenses loan agent.