Wells Fargo ‘Largely Done’ Exiting Correspondent Mortgage Space

Wells Fargo & Co. is nearly finished with its planned exit of correspondent mortgage lending, a move announced last month as part of a broader retreat from the home-lending business.

“We announced we would exit correspondent — we’re largely done with that,” Chief Financial Officer Mike Santomassimo said Tuesday at a Credit Suisse Group AG conference. “That’s going to have a very small impact on ongoing revenue in that business, but it certainly helps reduce some of the complexity.”

Wells Fargo, the biggest home lender among US banks, announced a “new strategic direction” for the unit in January. The firm ...