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Wells Fargo Hits Home Equity Goal.(Wells Fargo Bank)(Brief Article)
While some banks are getting out of the home equity lending business, others think now is the time to grow that business.
Wells Fargo Bank is still counting the numbers, but it thinks it may have reached its vaunted goal of amassing $25 billion in home equity servicing rights by December 31.
In time the bank, whose affiliates include Wells Fargo Home Mortgage, Des Moines, hopes to close ranks on Bank of America, and Bank One, which are the two most dominate players in the "A" paper home equity niche.
The new year is expected to be a good one for first lien lenders, but most anticipate a decline in volume compared to the record year of 2001.
Single-family lenders also are concerned about the ailing U.S. economy which has caused residential delinquencies to spike.
But Wells is moving full-steam ahead into home equities, which include both open-end HELOCs and closed-end loans.
"The fundamentals for this business are still in place," said Doreen Woo Ho, president of home ...
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Source: HighBeam Research, Wells Fargo Hits Home Equity Goal.(Wells Fargo Bank)(Brief Article)