General World News

Wells Fargo closes its correspondent channel

Wells Fargo, the largest depository mortgage lender in America, announced Tuesday that it is officially exiting the correspondent channel as well as reducing its servicing portfolio, the country’s largest.  

The market already expected the move. Bloomberg reported in August that Wells Fargo would likely shrink or eliminate the correspondent channel, with bank executives expressing concern about “reputational risk” when it finances large amounts of loans originated from other firms. 

Kleber Santos, CEO of consumer lending since his appointment in July, said the bank will continue to be details ⇒

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