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Wells Fargo Announces Drastic Cuts to Mortgage business / Its Impact on Home Buyers & Sellers

In an effort to mitigate losses resulting from losses due to volatility in the housing market and having evaluated the costs and benefits associate therewith, Wells Fargo just announced a major change in its mortgage operations. Wells Fargo will ONLY offer HOME LOANS to Existing Customers and to Borrowers in Minority Communities, CNBC reports.

Will this impact you as a Home Buyer?  While it is the intent of Wells Fargo to offer their current customers continued service with reference to mortgage products, Buyers have a vast array of Banks and Mortgage Brokers offering a variety of loan products to choose from. Buyers also have the advantage of either retaining a Real Estate Agent or Broker to represent them in a Full Service capacity or to represent their own interests. A Buyer often feels empowered when they choose to maintain control by interviewing their own Lenders rather than using in house Lenders affiliated with their Real Estate Agent / Brokerage as well as a home Seller directly – an option afforded to them when they work with Sellers who have listed with a Real Estate Broker offering Flat Fee MLS listing Service options such as Ohio Broker Direct. This often enables both the Buyer and Seller to both save money.

Will this impact you as a Home Seller? With the conglomeration of lenders and products available in today’s market place, this move by Wells Fargo is unlikely to have a direct impact per se’. However it is crucial that Home Seller’s keep tabs on market conditions so as to ensure they employ the best strategies to maximize their best interests when selling a home. In turbulent times Sellers tend to gravitate towards maximizing their profit and minimizing expenses, possibly saving thousands of dollars, by retaining a Flat Fee MLS Listing Broker rather than a Full Service Brokerage firm. When working with a Buyer and their Lender directly they can have an open discussion as to the variety of lending products available and tailor the purchase contract to ensure both the Buyer and Seller maximize profits and savings. If you are interested in learning more about Flat Fee MLS Listing Service here are 10 reasons why many Sellers of Real Estate in Ohio prefer to utilize options offered by Ohio Broker Direct.

Additionally, Wells Fargo is also closing its correspondence business which sold mortgages through third party lenders, and reducing its home loan-servicing portfolio. The bank released thousands of employees on the mortgage side of the business in 2022 with more layoffs on the horizon.


Joan Elflein, Broker / Ohio Broker Direct

Ohio Broker Direct & its Brokers or Associates assumes no responsibility or liability for any errors or omissions in this blog, we advise all participants in buying or selling real estate to enlist the services of a Real Estate Attorney

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