Share this article!

New York(CNN)Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back.

The scandal-ridden bank announced a significant shift on Tuesday to focus its mortgage business on serving bank customers and minority homebuyers instead of acquiring new customers.

Wells Fargo said it will also exit its correspondent business, which buys loans made by other lenders, and reduce the size of its mortgage servicing portfolio.

The retreat will likely cause Wells Fargo to lay off at least some employees, though the bank did not announce any specifics. A spokesperson declined to comment on potential layoffs.

Booking.com

“Mortgage is an important relationship product, and our goal is to continue to be the primary lender to Wells Fargo bank customers as well as minority homebuyers,” Kleber Santos, Wells Fargo’s head of consumer lending, said in a statement.

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favorite homes and more

Sign up with email

Get started with your account

to save your favorite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy

Create an agent account

Manage your listings, profile and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy

Create an agent account

Manage your listings, profile and more

Sign up with email