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Wells Fargo backing off the Boston condo mortgage business

Beset by scandal and a Boston condo for sale market shift, one of the country’s leading mortgage players is planning on reducing its activities in the home mortgage business.

Wells Fargo is planning on pulling back its mortgage business, Bloomberg reported. The retreat will likely begin by reducing the bank’s ties to outside mortgage firms, which generated about a third of the company’s $205 billion in new home loans last year.

“Like others in the industry, we’re evaluating the size of our mortgage business to adapt to a dramatically smaller originations market,” the company said in a statement.

Mortgage demand has slipped in recent months in the wake of higher rates, sparking layoffs at Wells Fargo and other mortgage players across the country.

Once a powerful Boston condo mortgage player

Wells Fargo was once the dominant company in the mortgage industry, responsible for one in every three home loans in the country. JPMorgan Chase’s mortgage business is expected to surpass Wells Fargo as the latter shrinks its activities.

Boston Real Estate Blog Updated 2022

Source: Bloomberg News

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