Wells Fargo reduces mortgage products amid coronavirus outbreak [Reuters (UK)]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Reuters
Wells Fargo reduces mortgage products amid coronavirus outbreak - Reuters 3 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ), the largest U.S. mortgage lender, is offering fewer home loan products during the coronavirus-fueled economic downturn, a spokesman said on Monday. The bank has paused many kinds of loans including cash-out refinance loans, most home equity loans above $250,000 and riskier non-conforming purchase loans, according to a memo seen by Reuters and confirmed by the company. Applications for those loan types were automatically turned down as of Friday. Underwriting some of those loans has become harder, and Wells Fargo suspended home interior inspections last week after governments across the country urged or mandated social distancing, the spokesman said. Some rivals are working around the problem by doing drive-by appraisals or having customers take pictures of properties with their phones, bank sources said. The change comes as the coronavirus pandemic has put inc
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