CHARLOTTE — Wells Fargo & Co., one of the Charlotte area’s largest mortgage lenders, has outlined its strategy on how the bank aims to pull back from that market — a significant shift that it began discussing last year.
The San Francisco-based bank yesterday announced that it plans to reduce its home-lending business by slimming its mortgage servicing portfolio and closing its correspondence business. Wells Fargo will now primarily focus on its wealth management customers as well as borrowers in minority communities, the company said in a news release.
[ ALSO READ: Wells Fargo to pay $3.7B over consumer loan violations ]
“Mortgage is an important relationship product, and our goal is to continue to be the primary mortgage lender to Wells Fargo bank customers as well as minority homebuyers,” said Kleber Santos, CEO of consumer lending. “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus.
“As the largest bank lender to Black and Hispanic families for the last decade, we remain deeply committed to advancing racial equity in homeownership,” he added.
This browser does not support the video element.