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Wells Fargo to Exit Wholesale Channel After Fair-Lending Accord

Wells Fargo & Co., the largest U.S. mortgage lender, said it will stop funding loans originated and sold by independent mortgage brokers after settling a federal fair-lending investigation.

After tomorrow, the company won’t accept new applications for loans originated by independent mortgage brokers in its wholesale channel, according to a statement today from the San Francisco-based firm. The lender said it will still process and close existing applications.