Wells Clams Up About its Exclusionary List

Wells Fargo/Wells Fargo Funding isn't saying much about its 'exclusionary list' of mortgage firms that it will not buy loans from in the secondary market. (National Mortgage News has been reporting on the issue since Monday.) And of course, correspondent lenders want to know one thing and one thing only: Am I on the list? In the Monday edition of NMN we will explore the issue further. Meanwhile, it should shock no one that the nation's largest players in mortgages have kept such lists or informal versions of something that resembles a blackball database. I recall years ago that Fannie Mae kept a list of appraisers that it had banned. And there is, of course, private databases of alleged troublemakers culled by such firms as MARI.