Wells Fargo Home Mortgage Purchases $35.7
Billion Servicing Portfolio From First Union
Mortgage
DES MOINES, Iowa, Sept. 5 /PRNewswire/ -- Wells Fargo Home Mortgage, Inc., a subsidiary of
Wells Fargo & Company (NYSE: WFC - news), today announced it has acquired the servicing rights
to a $35.7 billion portion of the First Union Mortgage Corporation servicing portfolio, representing
more than 437,000 customers. Terms of the agreement were not disclosed.
Wells Fargo Home Mortgage and First Union Mortgage Corporation announced a letter of intent on
June 26, for the possible acquisition of First Union's servicing portfolio and Raleigh, N.C., servicing
center. The companies have agreed to change the structure of the transaction to a purchase of
servicing rights. The Raleigh servicing center will remain with First Union Mortgage Corporation
and will be restructured as part of First Union's announced plans to exit the mortgage servicing
business.
As of August 31, Wells Fargo Home Mortgage's servicing portfolio reached a record $305.7 billion,
representing more than 2.7 million homeowners nationwide.
Based in Des Moines, Iowa, Wells Fargo Home Mortgage is a subsidiary of Wells Fargo &
Company. It is a leading originator and servicer of residential mortgages. With a presence in more
than 1,200 mortgage and Wells Fargo bank stores serving all 50 states, Wells Fargo Home Mortgage
operates the leading mortgage lending network in the country. Combined, its retail and wholesale
lending operations provide funding for approximately one of every 15 homes financed annually in the
United States.
First Union (NYSE: FTU - news), with $258 billion in assets and stockholders' equity of $14 billion
at June 30, 2000, is a leading provider of financial services to 15 million retail and corporate
customers throughout the East Coast and the nation. The company operates full-service banking
offices in 12 East Cost states and Washington, D.C., and full-service brokerage offices in 41 states
and international offices worldwide. Online banking products and services can be accessed through
firstunion.com
SOURCE: Wells Fargo Home Mortgage, Inc.
biz.yahoo.com
Lynn |
