Last year this time, I found myself heaping praise on Wells Fargo for being basically the lone survivor in the Canadian Sub Prime or Alternative mortgage market. Now as of yesterday they are no more, they have thrown in the towel and hitched up their wagon and left town, just like all the others. See the note below. However there is one silver lining to this story, as I believe that we live in a vacuum, as one leaves another arrives. Earlier this week we received an announcement that Toronto Dominion bank has their own alternative lender ( called VFC)  now open for business. So now even if your credit is less than perfect, or you are self employed and can only qualify for a stated income mortgage ( because you make 150K but only claim 25K for example) there are still options available for you. If you have any questions please feel free to contact my office.

Cheers,

Pat

Wells Fargo Financial Corporation Canada discontinues residential real estate lending

Effective July 30th, 2009, Wells Fargo Financial Corporation Canada will no longer be accepting residential mortgage loan applications through its consumer branch and indirect broker network channels.

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.

To the extent Wells Fargo Financial Corporation Canada HomePlan Mortgage has issued a valid fully executed mortgage commitment, 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), we will honour those commitments.

Current customers and/or brokers with questions about a Wells Fargo Financial mortgage can contact our Corporate Customer Relations team at 1-800-461-8794.

We thank all of our broker partners, vendors and customers for their business and support over the years.

Sincerely,

Rick Valade
President
Wells Fargo Financial Corporation Canada

Wells Fargo Financial Corporation Canada is associated with Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company.

Wells Fargo Financial Corporation Canada operates in Quebec as Société financière Wells Fargo Canada.

TM,Trademark Wells Fargo Financial Corporation Canada.
P.O. Box 250, Stn. A, Mississauga, ON L5A 3A1
Ontario Brokerage License Number: 10239

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