Houlihan Lokey is pleased to announce that Seneca Mortgage Servicing LLC (Seneca) has sold approximately $51 billion in mortgage servicing rights (MSRs) to Wells Fargo & Co. (NYSE:WFC). The transaction closed on September 7, 2017. All loans in the acquired pool are conventional/conforming mortgage loans that are guaranteed by government-sponsored enterprises Fannie Mae and Freddie Mac.
Seneca was founded in 2014 and is based in New York, New York. Seneca is a licensed residential mortgage servicer in all 50 states and Washington, D.C., and is an approved servicer for Fannie Mae, Freddie Mac, Ginnie Mae, the Department of Housing and Urban Development, and the Department of Veterans Affairs.
Wells Fargo is a diversified financial services company providing retail, commercial, and corporate banking services to individuals, businesses, and institutions. Wells Fargo is the largest U.S. mortgage servicer, with a portfolio of approximately $1.5 trillion as of June 30, 2017.