Atlanta-based Trimont, a global CRE loan services provider and partner for lenders, is set to buy the non-Agency third-party servicing segment of Wells Fargo’s commercial mortgage servicing business. The company will take over servicing for around $475 billion of loans. The deal’s terms were not disclosed, but the transaction should be completed in early 2025….
Industry expert Sandra Ho is joining Wells Fargo as its head of Home Lending Sales, the bank announced. Ho will take up this newly created role starting May 28, 2024, leading Wells Fargo’s Consumer Direct and Distributed Sales organizations. They were previously under separate leadership. Coming from JPMorgan Chase, Ho brings significant leadership experience in…
By KIMBERLEY HAAS Wells Fargo released its fourth quarter 2023 financial results on Jan. 12 and leaders there say as they continue to streamline their home lending business profitability will improve. The company reported a net income of $3.4 billion, or $0.86 per diluted share. CEO Charlie Scharf said in his comments that the continued…
By KIMBERLEY HAAS A grant from the Wells Fargo Foundation will help establish a training program to address the need for credentialed contractors in communities nationwide. The foundation has a working relationship with Team Rubicon, a veteran-led humanitarian organization that provides relief before, during, and after natural disasters. Leaders there say they continue to see…
Earnings for the third quarter of 2023 are out offering a view into how lenders did. Here’s a snapshot of how some of the nation’s top lenders handled this summer. Rocket Mortgage Rocket reported solid earnings with a net revenue boost of 12.8% YOY, though profits remained effectively flat from Q2 at $1.2 billion. Originations…
The Federal Open Market Committee’s decision to not raise interest rates at its November meeting came as welcome news to the housing industry, leading to a dip in mortgage rates after a streak of increases. But industry analysts are still concerned about a housing recession. Analysts at Wells Fargo recently warned that a rate cooldown…
By SCOTT KIMBLER There are signs that Wells Fargo is recovering and will continue to be a key player in the banking industry. Formerly the nation’s largest mortgage lender, leaders there announced in January strategic plans to create a more focused home lending business aimed at serving bank customers and minority communities. Those plans included…
By ERIN FLYNN JAY American homebuyers are getting older and industry leaders are preparing to welcome more Hispanic homeowners in the coming decades. According to the 2023 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors, members of Gen X between 43 and 57 years old made up 24% of recent…
Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030. HOME, which stands for “Home Ownership Means Equity,” is a new plan to influence systemic change in order to make homeownership available to more Latinos in the U.S. “We need to make homeownership more accessible, especially in…
Wells Fargo’s net earnings dropped in Q4 2022, pushed down by a settlement and the pressures of a shrinking economy. The bank announced that its net income fell to $2.86 billion, or 67 cents a share. This is half of its profits from the same time last year, which came in at $5.75 billion, $1.38…
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