(Telestock) – Wells Fargothe fourth largest U.S. bank, has entered into a final agreement to sell the non-agency third-party services segment of its Commercial Mortgage Servicing (CMS) business Trimonta specialized provider of commercial real estate lending services.
The transaction, the value of which has not been disclosed, should to be completed in early 2025and will lead Trimont to manage more than $715 billion in commercial real estate loans in the U.S. and internationally.
Wells Fargo will continue to manage Government-sponsored agency/enterprise (GSE) loans and loans held on its balance sheet.
“This transaction is consistent with Wells Fargo’s strategy of focus on activities that are essential to our private and business customers “We remain committed to our market-leading commercial real estate business and will continue to serve our clients with a broad range of lending, advisory and capital markets capabilities, while leveraging our franchise to grow our corporate and investment bank,” said Kara McShane, Executive Vice President and Head of Wells Fargo Commercial Real Estate.
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