Wells Fargo agrees to sell Mortgage Servicing Rights on approximately 184,000 loans
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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations.Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.
Cautionary Statement About Forward-Looking Information
This news release contains forward-looking statements about our future financial performance and business. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC and available on the SEC’s website at www.sec.gov.