Wells Fargo Enters into Agreement with Trimont to Sell the Non-Agency Third-Party Servicing Segment of its Commercial Mortgage Servicing Business
August 20 2024 - 8:15AM
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.
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“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
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version on businesswire.com: https://www.businesswire.com/news/home/20240819273164/en/
Media Hannah Sloane 347-802-5942
Hannah.Sloane@wellsfargo.com
Amy Hyland Jones 704-315-9954
Amy.hylandjones@wellsfargo.com
Investor Relations John Campbell 415-396-0523
john.m.campbell@wellsfargo.com
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