Wells Fargo Acquires Approximately $51 billion in Mortgage Servicing Rights
September 07 2017 - 12:39PM
Business Wire
Wells Fargo & Co. (NYSE: WFC) announced today that it has
acquired approximately $51 billion in mortgage servicing rights
(MSRs) from Seneca Mortgage Investment.
“We look forward to the opportunity to provide excellent service
to these new mortgage customers and are committed to making this a
smooth transition for them,” said Franklin Codel, head of consumer
lending for Wells Fargo. “Mortgage servicing is an attractive, core
business for Wells Fargo, and this transaction provides an
opportunity for us to strategically enhance our servicing
portfolio.”
The loans underlying the MSRs are conventional/conforming loans
guaranteed by Fannie Mae or Freddie Mac. The MSRs will be reflected
in the company’s third quarter results. Additional financial
details regarding the transaction were not disclosed.
Customers should receive letters from their current servicers in
advance of the transfer, targeted for the fourth quarter of this
year, and will receive detailed welcome information from Wells
Fargo when the transfer occurs. Wells Fargo is the nation’s largest
servicer of residential mortgage loans, with a servicing portfolio
that totaled more than $1.5 trillion as of June 30, 2017.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,500 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 271,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20170907006279/en/
MediaTom Goyda,
314-875-8222Tom.Goyda@wellsfargo.com@TomGoydaWForInvestorsJim
Rowe, 415-396-8216Jim.Rowe@wellsfargo.com
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