SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced it has entered into a definitive agreement to sell the non-Agency third-party servicing segment of its Commercial Mortgage Servicing (CMS) business to Trimont. The transaction is expected to close in early 2025, subject to satisfaction of customary closing conditions. Wells Fargo will continue servicing Agency/government-sponsored enterprise (GSE) loans and 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,” said Kara McShane, Executive Vice President, and head of Wells Fargo Commercial Real Estate. “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.”
“Trimont and Wells Fargo’s Commercial Mortgage Servicing are recognized experts in their respective areas of concentration. The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market,” said Bill Sexton, CEO of Trimont. “We look forward to welcoming the team from Wells Fargo, and working with them to capitalize on our strengths as we continue to deliver superior service and value to the clients of both businesses.”
Trimont, headquartered in Atlanta, Georgia, is a specialized global commercial real estate loan servicer and advisor, supporting lenders in the deployment, management and administration of commercial real estate secured credit.
Wells Fargo Securities, LLC served as exclusive financial advisor to Wells Fargo and Wachtell, Lipton, Rosen and Katz served as legal advisor to Wells Fargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com. LinkedIn: https://www.linkedin.com/company/wellsfargo
About Trimont
Trimont (www.trimont.com) is a specialized global commercial real estate loan services provider and partner for lenders seeking the infrastructure and capabilities needed to help them scale their business and make informed, effective decisions related to the deployment, management and administration of commercial real estate secured credit.
Data-driven, collaborative and focused on commercial real estate, Trimont brings a distinctive mix of intelligent loan analysis, responsive communications, and unmatched administrative capabilities to clients seeking cost-effective solutions at scale.
Founded in 1988 and headquartered in Atlanta, Trimont’s team of 400+ employees serve a global client base from offices in Atlanta, Dallas, Kansas City, London, New York and Sydney. The firm currently has USD 236B in loans under management and serves clients with assets in 72 countries.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.
News Release Category: WF-CF