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-Wells Fargo Home Mortgage drops reverse mortgages.

Global Banking News-June 17, 2011--Wells Fargo Home Mortgage drops reverse mortgages(C)2011 ENPublishing -

Global Banking News - 17 June 2011

Wells Fargo Home Mortgage (NYSE: WFC) has said that it will discontinue the origination of Home Equity Conversion Mortgages (HECM), commonly known as reverse mortgages.

The HECM is a 1987 originated, US Department of Housing and Urban Development reverse mortgage programme that was designed for senior citizens. Wells Fargo Home Mortgage began originating reverse mortgages in 1990, and as of 2010, the funded volume of reverse mortgage business was nearly 2.2 percent of retail mortgage volume and represents about 1.2 percent of overall mortgage volume.

'Wells Fargo will continue to service the loans of existing (HECM) reverse mortgage customers,' said Franklin Codel, executive vice president, head of National Consumer Lending, 'We will continue to provide options for seniors who wish to determine ways to access the equity in their homes,' he added.

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Publication:Global Banking News (GBN)
Date:Jun 17, 2011
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