Wells Fargo Plans Exit of Correspondent Business As It Focuses on Home Lending
January 10 2023 - 4:59PM
Dow Jones News
By Kathryn Hardison
Wells Fargo & Co. will exit its correspondent business and
plans to reduce the size of its servicing portfolio as it attempts
to create a more focused home lending business.
The financial-services company said Tuesday that its strategic
plans include optimizing its retail team to focus on bank customers
and underserved communities.
Wells Fargo aims to broaden its existing $150 million investment
from its special purpose credit program to include purchase loans,
given the current market environment.
The company also plans to invest $100 million to advance racial
equity in homeownership, including strategic partnerships with
non-profit organizations, it said.
The strategic direction for the company's home lending business
and programs to advance racial equity will replace the 2016 and
2017 minority homeownership lending commitments made under prior
leadership, Wells Fargo said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
January 10, 2023 16:44 ET (21:44 GMT)
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