Banking

Wells Fargo to exit some mortgage marketing arrangements

Wells Fargo & Co., the largest U.S. home lender, said it is withdrawing from mortgage marketing services and some referral agreements with real estate firms and builders.
Wells Fargo & Co., the largest U.S. home lender, said it is withdrawing from mortgage marketing services and some referral agreements with real estate firms and builders. jkomer@charlotteobserver.com

Wells Fargo & Co., the largest U.S. home lender, said it is withdrawing from mortgage marketing services and some referral agreements with real estate firms and builders.

The decision is the result of “increasing uncertainty surrounding regulatory oversight” of such arrangements, the San Francisco-based bank said Thursday in a statement. The decision is effective Aug. 1 and isn’t expected to have a material effect on Wells Fargo’s mortgage production, the firm said.

Wells maintains its largest employment hub in Charlotte.

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