Wells to Sell Most of Its CRE Loan Servicing Business to Trimont

Wells Fargo & Co. agreed to sell most of its commercial mortgage servicing business to Trimont LLC, ceding the title of biggest US commercial and multifamily mortgage servicer to the Atlanta-based firm.

Trimont will buy Wells Fargo’s non-agency third-party commercial mortgage servicing business, the companies said in separate statements Tuesday. The firms didn’t include terms for the deal, which they expect to complete early next year, but Trimont Chief Executive Officer Bill Sexton said Tuesday his firm will take over servicing for about $475 billion of loans.

Trimont said the deal will make it the single largest servicer in ...