Finance Of America Wholesale Closing In 2023
Finance of America Wholesale Closing in 2023
What is Finance of America Wholesale?
Finance of America Wholesale is a mortgage originator and division of Finance of America Mortgage LLC based in Philadelphia, Pennsylvania. Founded in 2003, it is one of the largest mortgage originators in the United States. Finance of America Wholesale, also known as FOW, offers a wide variety of home loan products to meet the needs of home buyers and refinancers.
Why is Finance of America Wholesale Closing?
Finance of America Wholesale is closing due to a strategic decision by the parent company, Finance of America Mortgage. The mortgage originator will be closing their wholesale division in early 2023 and shifting their focus to the retail division. This means that FOW will no longer be offering mortgage products in the wholesale mortgage market.
What Does This Mean for Borrowers?
The closing of Finance of America Wholesale will have an impact on borrowers who have used the company to originate their mortgages. Borrowers will need to find a new mortgage originator to work with when shopping for a new home loan or refinancing their existing mortgage.
What are the Alternatives?
Borrowers looking for a new mortgage originator may want to consider working with one of the many online mortgage lenders or a local broker that offers a variety of loan products. Online mortgage lenders often offer competitive rates and fees, as well as a streamlined process for applying for a loan. Local brokers may be able to offer more personalized service and can often provide access to loan products that are not available through online lenders.
Conclusion
Finance of America Wholesale is closing in 2023, which means that borrowers will need to find a new mortgage originator to work with when shopping for a new home loan or refinancing their existing mortgage. Borrowers can consider working with an online mortgage lender or a local broker to find the best loan product for their needs.
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