Wells Fargo to exit correspondent business, reduce mortgage servicing

A man uses an automated teller machine at a Wells Fargo Bank branch on a rainy morning in Washington January 17, 2012. REUTERS/Gary Cameronsaid on Tuesday the bank would exit the correspondent business and reduce the size of its servicing portfolio to sharpen its focus on the mortgage business.

Mortgage lenders like Wells Fargo saw demand for mortgages and refinancing weaken as interest rates climbed and buying homes became costlier. As a result, the fourth-largest U.S. lender cut thousands of jobs in the mortgage unit across the country last year after an aggressive expansion during the pandemic.“We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus," said Kleber Santos, chief executive officer of consumer lending.

The reorganization comes three days before the bank's fourth-quarter results. Analysts expect Wells Fargo to report a lower profit of 62 cents a share for the three months ended Dec. 31, compared to $1.25 a year ago, according to data from Refinitiv. The lender also plans to invest an additional $100 million to advance racial equity in home ownership, it said.Our Standards:

Will WellsFargo please stop over-padding my escrow? I'm really, REALLY, sick of it.

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Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing marketIt's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. WellsFargo is one of the most rotten, despicable banks out there. Love the employees and local branch bankers. Corporate management and leaders are absolutely terrible Hugh_Son it’s “correspondent business” not “correspondence”. 👍 Lol, it's a BS move. The guy giving the statement (Kleber Santos) is lying. He said that he is aware of the 2016 scandal regarding the banks and that shrinking the lending department is a remedy of this. I used to work for WF as a loan officer or HMC. The scandalous activity took
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