Wells Fargo is selling off billions of dollars in commercial mortgages

Wells Fargo plans to sell the majority of its commercial mortgage servicing business to loan services provider Trimont. The deal would make Trimont the largest loan servicer in the US industry. This move by Wells Fargo comes as the banking sector in the US faces challenges caused by elevated interest rates and issues in the commercial real estate market. The deal is expected to close in early 2025, subject to certain conditions, and will result in Trimont managing over $715 billion in US and international commercial real estate loans.