The lender has acquired approximately $51 billion in mortgage servicing rights from Seneca Mortgage Investment.
The loans are conventional/conforming loans guaranteed by Fannie Mae or Freddie Mac and customers will be informed by current servicers before the transfer which is likely to be in the fourth quarter of 2017.
“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 news was released Thursday as the lender was facing another issue.
As Mortgage Professional America reported
, Wells Fargo is facing several court cases including a newly-filed class action alleging misuse of funds from a residential mortgage-backed fund.
More market update:
Despite continuing challenges, Wells Fargo has announced some positive news.