Wells Fargo is selling off billions of dollars in commercial mortgages
CNN
Wells Fargo is set to sell the majority of its commercial mortgage servicing business to global loan services provider Trimont, the companies said Tuesday.
Wells Fargo is set to sell the majority of its commercial mortgage servicing business to global loan services provider Trimont, the companies said Tuesday. The move would make Trimont the largest loan servicer in the US industry, according to rankings from the Mortgage Bankers Association. Wells Fargo’s deal to sell off its non-agency third-party Commercial Mortgage Servicing business comes as the banking sector in the United States faces increasing pressure due to elevated interest rates and challenges in the commercial real estate market. Founded in 1988, Trimont is a specialized commercial real estate loan services provider that provides services to help lenders manage and grow their commercial real estate loans. The deal is expected to close in early 2025, pending certain conditions, and will result in Trimont managing over $715 billion in US and international commercial real estate loans. The “strategically important transaction” will position Trimont to be a key partner to real estate capital providers, said Jim Dunbar, chair of Trimont and partner at Värde Partners.
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