What is a Wells Fargo Reverse Mortgage Specialist?

Posted by Charles D

February 17, 2010

Did you know that at Wells Fargo, the mortgage broker that focuses on Reverse Mortgages is referred to as a Wells Fargo Reverse Mortgage Specialist. Wells Fargo Reverse Specialist are available @ 877-291-4333M – F, 7 a.m. to 6 p.m., CT.

In order to be designated a specialist, not only must you own a license in your given state, but one must also complete substantial reverse mortgage training. With 7,000 loan officers on its payroll, Wells Fargo has seen plenty of originators who’ve made the switch to reverse products. About 75 percent of them successfully capitalize on the niche.

The Wells Fargo Reverse Mortgage Specialist differs from the traditional mortgage provider in several key areas. If you’re in underwriting and you move to the reverse market, be prepared to work with tools you haven’t used in a while: paper and pencil. “If you’ve underwritten traditional loans, the reverse mortgage is significantly easier, because there is no income, asset, credit, employment or asset requirement,” Antonio Moore explains. Instead, the loan is based on the borrower’s age and existing mortgage loans. “The reality is someone who has underwritten traditional loans will currently find the reverse mortgage somewhat frustrating. We don’t have a lot of the technology that the traditional market has created.”

Working for Wells Fargo in the Reverse Mortgage Department is demanding yet rewarding. I say this because as one of the biggest banks in America, job security is determined by performance and not as subject to layoffs and market changes.