Wells Fargo & Company (NYSE: WFC) 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.
“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.
