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Wells Fargo Newsroom – Wells Fargo Agrees to Sell Private Student Loan Portfolio

Wells Fargo & Company (NYSE: WFC) introduced in the present day it has entered into an settlement to promote its personal student loan portfolio to traders, with Firstmark, a division of Nelnet (NYSE: NNI), assuming accountability for servicing the portfolio upon the sale.

External view of a Wells Fargo building with a glass front and individuals walking by on the sidewalk. (Photo: Business Wire)

External view of a Wells Fargo constructing with a glass entrance and people strolling by on the sidewalk. (Photo: Business Wire)

Wells Fargo notified prospects in September of its intention to exit the personal student loan enterprise. The firm will proceed to simply accept new student loan purposes from current personal student loan prospects till January 28, 2021.

As of September 30, 2020, the principal steadiness of the personal student loan portfolio was $10.0 billion. The transaction is anticipated to shut within the first half of 2021.

Wells Fargo Securities, LLC served as unique monetary advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as authorized counsel, to Wells Fargo in reference to the transaction.

More info is on the market for Wells Fargo student loan prospects right here.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based monetary providers firm with $1.92 trillion in property. Wells Fargo’s imaginative and prescient is to fulfill our prospects’ monetary wants and assist them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo offers banking, funding and mortgage services, in addition to shopper and industrial finance, by way of 7,200 areas, greater than 13,000 ATMs, the web (wellsfargo.com) and cell banking, and has places of work in 31 nations and territories to help prospects who conduct enterprise within the world financial system. Wells Fargo serves one in three households within the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest firms. News, insights and views from Wells Fargo are additionally out there at Wells Fargo Stories.

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Source: Wells Fargo & Company