Wells Fargo — the nation's largest funder of home mortgages through loan brokers — is calling it quits on wholesale lending, dealing yet another devastating blow to this struggling origination channel.

"We will still fund loans through correspondents," a Wells spokeswoman confirmed to National Mortgage News, "but for independent mortgage brokers things will change."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.