Wells Fargo (America's #1 mortgage lender) taking a big step back from mortgages

Sign of the times.

If you are a Wells Fargo customer
If walk into a Wells Fargo bank and ask for a mortgage they won’t say “NO go somewhere else,” but they announced they are done competing, done trying and they are shuttering entire sectors of mortgage-related operations.

From the article

Wells Fargo took pride in its vast share in home loans — it was the country’s top lender as recently as 2019 when it had $201.8 billion in volume, according to industry newsletter Inside Mortgage Finance. . . .

Now, as a result of this and other changes that Scharf is making, including pushing for more revenue from investment banking and credit cards, Wells Fargo will more closely resemble megabank rivals Bank of America
and JPMorgan Chase.

Both companies ceded mortgage share after the 2008 financial crisis.

Good! The next person I meet who has a positive thing to say about Wells Fargo will also be the first person I have ever met who has anything positive to say about that company.


Not surprising. Between prices and interest rates, real estate is a bubble ready to deflate.

I don’t necessarily have anything bad to say about them, does that count? lol

The number of new mortgage loans is dropping like a rock.

I have a relative who is an underwriter and they have already laid most of their underwriters off.