A unit of Wells Fargo & Co. is giving some financial insitutions a price advantage on secondary mortgage sales.
The unit is Wells Fargo Funding.
Banks are getting the special pricing on secondary market sales of residential loans through a deal announced today by Business Solutions.
The agreement calls for Wells to provide all of its products and services at “advantaged pricing levels” to members of the American Bankers Association.
Business Solutions is an affiliate of the ABA, and its profits can help offset membership dues.
The deal enables Wells to expand a similar arrangement negotiated in 2007 with ABA-subsidiary Community Bank Mortgage LLC from just owner banks to all ABA members.
