Wells Fargo Mortgage ExpressSM
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If you’re a self-employed homebuyer with a steady income, consider convenient, streamlined home financing with Wells Fargo Mortgage Express, our reduced-paperwork option1.
Wells Fargo Mortgage Express provides the following benefits to eligible borrowers:

* Convenience. There’s no need to hunt for tax returns, bank statements or pay stubs. Simply state your income and assets on your application.
* Speed. Your application won’t be delayed by paperwork and we’re usually able to provide an immediate decision.
* Simplicity. You’ll be in your home faster with a reduced paperwork process.
* Flexibility. Use this option in combination with a wide range of fixed- and adjustable-rate mortgage products for buying a residence or a vacation home.

Recommended for:

* Self-employed homebuyers with good credit

For more details, please discuss your home financing needs with a Wells Fargo Home Mortgage consultant.
Spend your time shopping for a home, not applying for financing!

I’d like to speak to any mortgage broker or better yet, Wells Fargo executive (past or present) regarding SI/SA no source/no seasoning loans. I’m involved in a prediciment now were Wells Fargo is claiming to be a “victim lender” and has denied these programs exist despite evidence they did.

Any help is appreciated. I look forward to speaking with you on this.

I have worked for both companies. The lending practices of Wells Fargo were much more strict. EVERY bank wrote alt a and subprime loans within the last 5 years. Wall Street and Clinton Administration wanted these loans as they were very profitable and important for first time home buyers/emerging markets.

Mr. Mortgage has a HARD on for Wells…and that is fine. Wells Fargo is going to be around a lot longer than some tool box named Mr. Mortgage. The Big Red Machine continues to grow and prosper even in this enviornment….

JOEBLOW

Nice work. The evidence does seem to suggest some latitude with the ‘truth’ on the part of Wells.

To rebut Stephen conclusively, it would be good to have National Mortgage News rankings for 2005 and 2006 as well. Nevertheless it is noteworthy that in Q1/Q2 2007, Wells was a leading originator by far of Jumbo Residential loans.

You will see. If the Treasury starts injecting capital vs buying distressed assets, you will see Wells get honest really quickly to get their piece of the pie. $1 injected turns into $12 in loans.

You will see this long drawn out period of write downs/capital raises continue for several years.

Well said! You have the facts and I completely agree with you that Wells Fargo will be even more successful in the future due to their past and continued high standards. I’m a huge fan of the company in general – smart smart business…

Mr. Mortgage (admin),

You don’t read with a great deal of understanding or you just retain what you chooose… Stephen mentioned very specific years…
I respect your site but I don’t like the way you “bad mouth” certain companies repeatedly.

You were also a top home equity lender for years shown here. http://www.nationalmortgagenews.com/freedata/?what=secorig

Total mortgage assets in relation to total assets is enormous compared to your peer banks. You have $84bb in seconds, $75bb in jumbo prime and $25bb in subprime against an asset base of $475bb. Even WB only has $150bb total resi assets against $675bb asset base.

You did not to Pay Options granted. But 95% CLTV Jumbo Prime interest only with 50 debt to income ratios on borrowers with 620 score is a subprime loan even though you categorize it as Prime. Other than the $84bb in seconds, most of the $75bb Wells mainly holds is 5 through 10-yr paper as well as 30-yr fixed product, mostly Jumbo.

I don’t have it wrong. WFC is very exposed to the riskiest markets with the riskiest types of loans.

“WELL, I WOULD ARGUE THAT ONE OF THE FEW INSTITUTIONS THAT DID NOT DO THE THINGS THAT OTHERS DID DURING THE EUPHORIC TIMES WAS WELLS FARGO WHICH I THINK WAS WELL DOCUMENTED BY ANALYSTS AND SO FORTH. WE DID NOT MAKE ANY NO DOC, LOW DOC, OPTION ARMS., NEGATIVE AMORTIZATION LOANS, FADED INCOME, TEASER RATE ARMS THROUGH SUBPRIME BORROWERS. NONE. WE LOST 4% MARKET SHARE AND ABOUT $160 BILLION IN ORIGINATIONS IN 2006 ALONE BECAUSE WE DIDN’T DO THAT AND WE’RE THE BENEFICIARIES OF THAT TODAY. I CANNOT IMAGINE WHY THIS HAPPENED OR HOW THIS HAPPENED. IT SHOULD NOT HAVE HAPPENED. IF I HAD TO PICK ONE WORD, I’D PICK GREED.”

Regardless of what Kovacevich meant to say or our interpretation specifically on option ARMs with Stated income guidelines; he clearly indicated that Wells was an exception. ALL here AGREE that the general state of Wells being an exception was a complete lie.

Do you work at Wells?”