CNN —
Wells Fargo is set to sell the majority of its commercial mortgage servicing business to global loan services provider Trimont, the companies said Tuesday.
The move would make Trimont the largest loan servicer in the US industry, according to rankings from the Mortgage Bankers Association.
Wells Fargo’s deal to sell off its non-agency third-party Commercial Mortgage Servicing business comes as the banking sector in the United States faces increasing pressure due to elevated interest rates and challenges in the commercial real estate market.
Founded in 1988, Trimont is a specialized commercial real estate
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