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Wells Fargo Pulls Back From Mortgage Business

Wells Fargo could be looking at a major reduction in its once market-leading mortgage business, Bloomberg reported over the weekend.

Wells Fargo shares edged lower Monday following a report from Bloomberg news that suggested the bank is preparing to significantly reduce its once-leading mortgage business.

Bloomberg said the shift, which is expected to include big changes in the way it deals with outside mortgage originators, is likely to lead to Wells Fargo focusing its home lending business to existing customers.

The bank said in a statement that it’s “evaluating the size of our mortgage business to adapt to a dramatically smaller originations market” while “continuing to look across the company to prioritize and best position us to serve our customers broadly.”