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.
