Newspaper article Sarasota Herald Tribune

Bank Breaks Ties with Saunders

Newspaper article Sarasota Herald Tribune

Bank Breaks Ties with Saunders

Article excerpt

SARASOTA

The nation's second-largest loan servicer has ended a 13-year partnership backing mortgages from a subsidiary of regional real estate brokerage Michael Saunders & Co.

Wells Fargo notified Saunders -- among the more active real estate lenders in Southwest Florida in the past two years -- last summer that the bank planned to sever their partnership by the end of 2012.

The decision was part of a broader move by Wells Fargo to discontinue similar joint ventures nationwide, it said.

A bank spokeswoman would not elaborate on the end of the relationship, other than citing increased regulatory requirements that resulted from the $25 billion national mortgage settlement agreed to last year.

The bank added that the split with Saunders was one of "several" it made nationwide, though not all involved real estate partnerships.

"It was just an ongoing business evaluation," Wells Fargo spokeswoman Kathy Harrison said.

Saunders intends to continue providing loans to its customers through its MSC Mortgage Co. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.