Wells Fargo Pays $51B for MSRs Acquisition – NMP
Industry News

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
Phil Hall
Link copied
Published
Sep 08, 2017
Get the NMP Daily
Operations
MBA Expands CONVERGENCE With New Knowledge Hub For Lenders

iEmergent-powered dashboard gives mortgage professionals local market insights on demographics, affordability, and homeownership trends

The Mortgage Bankers Association's (MBA) CONVERGENCE initiative has expanded with the launch of the CONVERGENCE Knowledge Hub, a new online resource designed to help lenders, nonprofit organizations, housing counselors, real estate professionals, and community leaders expand...

Continue reading
People On The Move
Click n' Close Appoints Merv Govender As Chief Information Officer

Veteran technology executive brings nearly three decades of leadership in banking, gaming, and healthcare to oversee AI, cybersecurity, and technology strategy

Click n' Close has appointed Merv Govender as its new chief information officer, adding a technology executive with nearly three decades of experience leading digital transformation initiatives across banking, gaming, and healthcare.In his new role, Govender will oversee the...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News
Jun 24, 2026
Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News
Jun 18, 2026
Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News
Jun 18, 2026
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News
Jun 17, 2026
Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power

Industry News
Jun 16, 2026
Trump Taps Former CFPB Deputy Brian Johnson To Lead Bureau

MBA backs the nomination as lenders await clarity on the future direction of consumer finance regulation under the Trump administration

Industry News
Jun 12, 2026