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Wells Fargo to End Mortgage Joint Ventures, Will Cut 300 Jobs

July 26, 2013

Wells Fargo said Thursday it will terminate eight mortgage joint ventures, including a partnership with HomeServices Lending, an affiliate of Berkshire Hathaway.

Wells Fargo said Thursday it will terminate eight mortgage joint ventures, including a partnership with HomeServices Lending, an affiliate of Berkshire Hathaway. Wells said its decision to end the affiliated business arrangements was based on recent regulatory actions, including changes in state and federal oversight that have increased the complexity and difficulty of operating mortgage joint ventures. The eight joint ventures fund and close loans and typically have their own sales and processing teams. Wells provides product and support and typically buys the majority of home loans from the ventures.

Author: American Banker (07/26/13) Berry, Kate

Source: "Wells Fargo to End Mortgage Joint Ventures, Will Cut 300 Jobs"

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