Wells Fargo doesn't want to be the largest US home mortgage lender anymore.
The bank announced this week it will "significantly" shrink its mortgage-servicing portfolio via sales of assets. The lender also is closing its Correspondent business, a unit that buys loans made by third-party lenders.
In what it described as a strategic shift, Wells Fargo said it is transitioning to a "smaller, less complex business" that now will focus on loans for existing bank customers and wealth management clients, as well as lending to underserved communities.
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