Finance

Wells Fargo to Sell Most of Its CRE Loan Servicing Business to Trimont

Trimont to take over servicing for about $475 billion of loans
Deal is part of Wells strategy to focus on ‘core’ businesses

It’s the latest move to narrow its focus under Chief Executive Officer Charlie Scharf. — It’s the latest move to narrow its focus under Chief Executive Officer Charlie Scharf.
Photographer: Cooper Neill/Bloomberg

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By Hannah Levitt and Scott Carpenter

August 20, 2024 at 9:14 AM EDT

Updated on

August 20, 2024 at 11:14 AM EDT

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Wells Fargo & Co. agreed to sell most of its commercial mortgage servicing business to Trimont LLC, ceding the title of biggest US commercial and multifamily mortgage servicer to the Atlanta-based firm.

Trimont will buy Wells Fargo’s non-agency third-party commercial mortgage servicing business, the companies said in separate statements Tuesday. The firms didn’t include terms for the deal, which they expect to complete early next year, but Trimont Chief Executive Officer Bill Sexton said Tuesday his firm will take over servicing for about $475 billion of loans.