SAN FRANCISCO--(BUSINESS WIRE)--Aug 20, 2024-- Wells Fargo & Company (NYSE: WFC) today announced it has entered into a definitive agreement to sell the non-Agency third-party servicing segment of its Commercial Mortgage Servicing (CMS) business to Trimont. The transaction is expected to close in early 2025, subject to satisfaction of customary closing conditions. Wells Fargo will continue servicing Agency/government-sponsored enterprise (GSE) loans and loans held on its balance sheet.
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com/news/home/20240819273164/en/ (Photo: Wells Fargo) “This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients,” said Kara McShane, Executive Vice President, and head of Wells Fargo Commercial Real Estate. “We remain committed to our market-leading Commercial Real Estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our Corporate and Investment Bank.” “Trimont and Wells Fargo’s Commercial Mortgage Servicing are recognized experts in their respective areas of concentration.
The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market,” said Bill Sexton , CEO of Trimont. “We.