Wells Fargo announced on Thursday that it has decided to begin winding down its marketing services and desk rental agreements with real estate firms, builders and other referral sources, effective immediately.
According to a press release issued by the company, it made its decision based on the increasing uncertainty surrounding the regulatory oversight of these types of arrangements, as well as “part of Wells Fargo’s ongoing efforts to simplify the profess that customers experience as they weigh all of their choices when shopping for a mortgage.”
“Because we value our strong relationships with real estate professionals and builders, the decision to exit these marketing services agreements was difficult, but we are taking this action to ensure that we continue to conduct our business in a way that represents the best interests of all of our customers and clients,” said Franklin Codel, Wells Fargo’s executive vice president for mortgage production. “We believe the best way to earn the relationship with real estate firms and builders is through timely, dependable service delivered by the best team in the business.”
Image via flickr/Mike Mozart