In a surprise announcement just minutes ago, Wells Fargo is discontinuing lending in Canada.
The move affects both Wells Fargo’s retail and broker channels.
President, Rick Valade, said Wells Fargo will honour valid fully-executed mortgage commitments, provided the applicant or applicants fulfill all of the terms and conditions of the mortgage commitment (including any time specified for closing or expiration of the mortgage commitment).
Valade said, “We thank all of our broker partners, vendors and customers for their business and support over the years.”
If you go to Well’s broker website, this is what you see: link (Their product information and login screen are now gone, just like that….)
Wells Fargo is one of Canada’s biggest alternative lenders. We ran this story on them earlier this year.