DES MOINES, Iowa--(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.