Wells Fargo is selling the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont, a commercial real estate loan servicer and advisor based in Atlanta.
Wells Fargo says it will continue servicing agency 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,” says Kara McShane, executive vice president and head of Wells Fargo Commercial Real Estate.
“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,” adds Bill Sexton, CEO of Trimont. “We look forward to welcoming the team from Wells Fargo and working with them to capitalize on our strengths.”
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.
