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Provider: MacroRisk Analytics/EconomicInvestor

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Wells Fargo & Co agrees to sell mortgage servicing rights on about 184,000 loans

Wednesday, 22 Jan 2014 09:00am EST 

Wells Fargo & Co:Says its subsidiary, Wells Fargo Bank, N.A., has signed an agreement with Ocwen Loan Servicing LLC for the sale of residential mortgage servicing rights.Says on a portfolio consisting of about 184,000 loans with a total principal balance of $39 bln, or about 2 pct of Wells Fargo's total residential servicing portfolio as of the end of fourth quarter 2013.Says sale will be finalized as servicing is transferred, which the company expects will occur during 2014.Says the loans underlying the residential mortgage servicing rights sold are primarily owned by private investors and were not originated or owned by Wells Fargo. 

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