Thursday, July 25, 2013

Wells Fargo ends joint venture home-lending

Three years after the signing of the Dodd-Frank Act, Wells Fargo has announced it will end its remaining home-lending joint ventures, blaming the financial-industry overhaul for the demise of the deals that generated 3 percent of the bank’s mortgage production.

About 300 jobs at Wells Fargo, possibly including some in Charlotte, will be affected. On Thursday, Wells Fargo said that it is pulling out of the arrangements with the independent mortgage origination companies it co-owned, including one in Huntersville.

San Francisco-based Wells Fargo said it will take 12 to 18 months to wind the operations down.

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