More on Wells and its Exclusionary List

We still haven't heard from Wells Fargo & Co./Wells Fargo Funding about its exclusionary list of mortgage banking firms – lenders that it will not buy loans from in the secondary market. As you might imagine the story we published Tuesday about the topic caused quite a stir in the industry plus a ton of traffic to the National Mortgage News website. In the aftermath of that report we've talked to several mortgage executives, who question having an exclusionary list at all. One manager told us that some of his clients have high delinquency rates on certain loans but their FHA Watch numbers are good. In other words, who to do business with can be quite subjective. However, we're still exploring the topic and will publish a more detailed story soon.