Wells Fargo in San Francisco has agreed to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont in Atlanta.
The $1.9 trillion-asset Wells Fargo said in a press release that the sell should close early next year. The price wasn’t disclosed.
Wells Fargo said it will continue servicing agency/government-sponsored enterprise loans, along with loans held on its balance sheet.
“This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients,” Kara McShane, head of Wells Fargo commercial real estate, said in the release.
“We remain committed to our market-leading commercial real estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our corporate and investment bank,” McShane added.
Wells Fargo Securities and Wachtell, Lipton, Rosen and Katz advised Wells Fargo.