Wells Fargo exits Canada's mortgage market

Wells Fargo exits Canada's mortgage market

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.

 

 

 

3 Comments
  • Sheldon Moylan 2009-07-31 8:12:17 AM
    WOW WOW

    I never seen that coming. What a shock. I don't understand it. Why keep the personal loans portion available but not the mortgages.

    Crazy Stuff

    Sheldon Moylan
    Dominion Lending Centres
    Mortgage Excellence
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  • John Dearin 2009-07-31 8:57:35 PM
    It was hard to justify their rates some at 3Xbank discounted. Even for the most tried credit scores. Hope VFC is better
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  • Rick Morgan 2009-07-31 9:10:51 PM
    They may be one of the oldest banks in north America and we hate to see any lender leave our market place. however I always found That a decent 1st mortgage with a private second would beat a wells deal all day long.
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