Wells Fargo Home Mortgage Purchases $7.5 Billion Servicing Portfolio From Fleet Mortgage
DES MOINES — July 7, 2000
Wells Fargo Home Mortgage, Inc., a subsidiary of Wells Fargo & Company (NYSE: WFC), today announced it has acquired the servicing rights to a $7.5 billion portion of the Fleet Mortgage Group servicing portfolio. Terms of the agreement were not disclosed.
The portfolio includes more than 69,000 residential mortgage loans. The majority of customers included in the portfolio purchase -- nearly 42,000 households -- reside in California. Remaining customers in the new portfolio reside in Arizona, Idaho, Nevada, Oregon, Utah and Washington.
"This transaction provides a tremendous opportunity for us to demonstrate the benefits of a relationship with Wells Fargo to our new customers," said Pete Wissinger, Wells Fargo Home Mortgage president and chief operating officer. "Importantly, our focus on exceptional customer service can generate significant opportunities for the rest of Wells Fargo, and our customers, because the entire portfolio customer base resides in communities with a strong Wells Fargo bank presence."
As of March 31, Wells Fargo Home Mortgage's owned servicing portfolio volume was the industry's third largest, at $284 billion, representing more than 2.5 million customers.
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 1,100 mortgage stores and Norwest/Wells Fargo bank locations 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.
Wells Fargo & Company is a diversified financial services company with $222 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from about 5,300 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally.