The biggest mortgage lender in the United States has pulled out of the Canadian mortgage market.
Wells Fargo Financial Corp. announced late last week that it would no longer accept residential mortgage loan applications via its consumer branches or mortgage broker network.
“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,” the company said in a statement.
The company said it would still honor certain commitments where a loan application was already in process.
Wells Fargo has been the top mortgage lender domestically for several months now, beating out Bank of America despite their acquisition of former number one lender Countrywide.
It’s unclear how much of a presence Wells Fargo had up north, but I doubt they were a major player.
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