Wells Fargo Stepping Back from Housing Market

[Patricia Steiner]

Source CNBC:   https://www.cnbc.com/2023/01/1...

KEY POINTS

• 1. Instead of its previous goal of reaching as many Americans as possible, the company will now focus on home loans for existing bank and wealth management customers and borrowers in minority communities, CNBC has learned.
• 2. As part of its retrenchment, Wells Fargo is also shuttering its correspondent business that buys loans made by third-party lenders and “significantly” shrinking its mortgage-servicing portfolio through asset sales.
• 3. Altogether, the shift will result in a fresh round of layoffs for the bank’s mortgage operations, executives acknowledged, but they declined to quantify exactly how many jobs will be lost.
• (End of direct quote from site)

While the lender pool is shrinking, there are lenders who are ready to do business and at great rates.  All is well...