The acquisition will enable the establishment of new distribution channels and increase the bank's servicing portfolio, according to the executive vice president and head of Capital Markets at Wells Fargo. The Michigan-based Bloomfield companies provide commercial real estate mortgage loan origination, brokerage and servicing.
Wells Fargo & Co. purchased the Bloomfield assets from Bingham Financial Services Corp. The financial details were not disclosed.
Wells Fargo's Commercial Mortgage Origination Group is the fifth largest commercial mortgage loan service operation in the nation.
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