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Wells Fargo Backs Away from Mortgage Business It Once Ruled

Wells Fargo, once America’s largest mortgage lender, has signaled a retreat from the industry. So reports CNN.

wells fargo 150x150The bank announced that it plans to reduce the size of its servicing business and exit its correspondent business, which acquires loans originated by other lenders.

The pullback from trying to acquire new mortgage customers will probably lead to at least some layoffs, though none were specified and a spokesperson reportedly declined to comment on the matter.

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