Wells Fargo agrees to sell Mortgage Servicing Rights on $39B approx. 184,000 loans

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Wells Fargo agrees to sell Mortgage Servicing Rights on $39B approx. 184,000 loans

Posted on22 January 2014.

DES MOINES, Iowa — January 22, 2014

Wells Fargo & Co. (NYSE:WFC) announced that its subsidiary, Wells Fargo Bank, N.A., has signed an agreement with Ocwen Loan Servicing LLC for the sale of residential mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of $39 billion, or approximately 2 percent of Wells Fargo’s total residential servicing portfolio as of the end of fourth quarter 2013.

The sale will be finalized as servicing is transferred, which the Company expects will occur during 2014. The transaction will not be material to the Company’s financial results. The loans underlying the residential mortgage servicing rights sold are primarily owned by private investors and were not originated or owned by Wells Fargo. The loans are serviced under the trade name, America’s Servicing Company.

[Wells Fargo]

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2 Responses to “Wells Fargo agrees to sell Mortgage Servicing Rights on $39B approx. 184,000 loans”

Shelley Erickson says:

01/22/2014 at 2:07 pm

The King wears invisible clothes and wears no cloth, but cloth of fraud? “There are two ways to be fooled. One is to believe a lie. The other is to refuse to believe the truth.” – Kierkegaard
dinsfla says:

01/22/2014 at 2:11 pm

The government made those clothes for em’.

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