It's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019.
Following those once-huge mortgage players in slimming down their operations has implications for the U.S. mortgage market.
The correspondence channel is a significant pipeline of business for San Francisco-based Wells Fargo, one that became larger as overall loan activity shrank last year. In October, the bank42% of the $21.5 billion in loans it originated in the third quarter were correspondence loans. "It's very different today running a mortgage business inside a bank than it was 15 years ago," Scharf told analysts in June. "We won't be as large as we were historically" in the indusry, he added.Wells Fargo said it was investing $100 million towards its goal of minority homeownership and placing more mortgage consultants in branches located in minority communities.
The mortgage shift marks what is potentially the last major business change Scharf will undertake after splitting the bank's operations into five divisions, bringing in 12 new operating committee members and creating a diversity segment.
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