Wells Fargo exits Canada's mortgage market

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Effective July 30th, 2009, Wells Fargo will no longer be originating new mortgages in Canada, according to a recent press release from company president, Rick Valade.

It will still be honouring any existing Canadian mortgages as well as old and new personal loans, but that's about it. According to the press release:

"Please treat this writing as notification of immediate cancellation of any mortgage broker origination agreement or other real estate lending agreements you may have with Wells Fargo Financial Corporation Canada or Wells Fargo Financial Corporation Canada HomePlan Mortgage."

Just when it seemed like the economy was reaching a turning point, it's bad news to here that one of the oldest banks in the business (its formation goes back to the early 1800s) will not be lending mortgages in Canada any longer.

Current brokers with questions are encouraged to contact its corporate customer relations team at 1-800-461-8794.