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photo, PETE WISSINGER
If anyone in the mortgage industry thinks Wells Fargo Home Mortgage, Des Moines, might be done gobbling up competitors, think again.
In a recent interview with National Mortgage News, Wells Fargo Home president Peter Wissinger declared that the company's goal is to achieve a 20% market share in originations and servicing and plans to "aggressively" grow its business and reduce costs - all at the same time.
Although Mr. Wissinger would not disclose how much (per loan) it costs the bank-owned WFHM to service its soon-to-be $400 billion- plus portfolio, he said the company will shave $3 per loan off its servicing costs this year and an additional $4 per loan next year.
When you calculate how much WFHM is servicing, a few bucks a loan can turn...