Wells Fargo Wins the Bid for Seneca and its $54 Billion MSR Portfolio; Is the Tide Turning in Favor of Banks?
August 24, 2017
Wells Fargo – the nation’s largest home lender and servicer – has apparently won the bid for Seneca Mortgage and its $53.6 billion servicing portfolio, sending shockwaves through the market. But as Inside Mortgage Finance went to press this week, the jury was still out on whether this was a “one-off” opportunistic purchase or, perhaps, the start of a trend toward depositories showing renewed interest in mortgage servicing rights. For now, Wells isn’t...