Financial details not disclosed (Il Sole 24 Ore Radiocor) - New York, 20 Aug - Wells Fargo said it had agreed to sell the non-Agency third-party servicing segment of its Commercial Mortgage Servicing (CMS) business to Atlanta-based Trimont.

Financial details of the deal, which is expected to close in early 2025, were not disclosed.

"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,' he said.

Trimont said the deal will make it the single largest servicer in the US commercial real estate industry.

AAA-Sje

(RADIOCOR) 20-08-24 15:59:50 (0356) 5 NNNN