Some of the worst news of the year came to Brokers today as Wells Fargo Lending has pulled the trigger and will no longer be offering a wholesale avenue to Brokers.
This comes as big news to the financial market and will cause some big changes for brokers in the future. Wells Fargo is not the first of big bank lenders to officially cut the cord from wholesale lending as Bank of America, MetLife, and Citi Bank have done the same.
One might ask, will there be such a thing as "wholesale lending" in the future or will the banks become even more greedy (is that even possible)?
Here is Wells Fargo's official document explaining this change:
If you have a loan with Wells, don't worry. The cheaper avenue of Broker wholesale-ing is just slowly dying. Hurry and refi before tomorrow. Contact your nearest Wells Broker now.
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