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Wells Fargo to Streamline Refinance Only In-House Loans

""Wells Fargo"":https://www.wellsfargo.com/ recently announced that it will accept refinance applications for homeowners with ""Federal Housing Administration"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory mortgages only if their loans are serviced in-house by the mortgage lender.


Vickee Adams, a spokesperson for Wells, said in an e-mailed statement that the lender currently services more than 500,000 customers with FHA home loans that could qualify to save money by refinancing under changes at the agency.

She said in a e-mailed statement that the lender ""expect[s] high customer demand for this product and we want to insure [sic] that our existing customers receive a high level of service without frustrating delays.""

The statement said the lender will begin to accept only refinance applications for in-house loans on Tuesday next week. The changes are widespread, affecting brokers and originators in retail, wholesale, and correspondent channels.

The move arrives as the FHA continues to accommodate newly modified refinance opportunities for homeowners.

A recent ""monthly report"":http://portal.hud.gov/hudportal/documents/huddoc?id=ol_current.pdf showed that the agency has undertaken more than 126,000 refinance applications under the streamlined program, along with projections that it could see close to 224,000 by yearend.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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