Wells Fargo Pays $51B for MSRs Acquisition – NMP Skip to main content

Wells Fargo Pays $51B for MSRs Acquisition

Sep 08, 2017
Wells Fargo, the largest mortgage lender and third largest bank in the nation, is planning to cut between five and 10 percent of its workforce over the next three years

Wells Fargo & Co. has acquired approximately $51 billion in mortgage servicing rights (MSRs) from New York-based Seneca Mortgage Investment. The terms of the transaction were not disclosed.
 
According to Wells Fargo, the loans underlying the MSRs are conventional/conforming loans guaranteed by Fannie Mae or Freddie Mac. After the announcement of the acquisition was made, Seneca Mortgage Investment posted a notice on its Web site stating it was no longer actively servicing mortgages.
 
“We look forward to the opportunity to provide excellent service to these new mortgage customers and are committed to making this a smooth transition for them,” said Franklin Codel, head of consumer lending for Wells Fargo. “Mortgage servicing is an attractive, core business for Wells Fargo, and this transaction provides an opportunity for us to strategically enhance our servicing portfolio.” 

 
About the author
Published
Sep 08, 2017
Garg Claims Majority In Better Fight, Board Poised To Honor Vote

Founder says he secured more than 51% of voting power to remove five directors, pending confirmation by a third-party inspector

Oct 01, 2026
Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Sep 29, 2026
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

Sep 23, 2026