Wells Fargo buys $51B in mortgage servicing rights from Seneca

Wells Fargo announced this week that it had purchased the servicing rights for approximately $51 billion in mortgages from Seneca Mortgage Investment. “Mortgage servicing is an attractive, core business for Wells Fargo, and this transaction provides an opportunity for us to strategically enhance our servicing portfolio,” said Franklin Codel, head of consumer lending for Wells Fargo. The deal is expected to close in the fourth quarter of this year. [Housing Wire]