PennyMac Financial Services, Inc. (PFSI) Social Stream
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$WFC is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore. Customers have been given a 60-day notice that their accounts will be shutteredRo_Patel, published July 8, 2021
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,”
WFC had $24.9B in loans in a category called “other consumer” as of March, which was 26% lower than the year-earlier period.
-- Does Wells Fargo still want to be a bank???
Only 24.9M credit cards in circulation vs top dog $COF at 99.7M & $JPM at 92M. Plus they are no longer the top mortage originator [lost to Rocket Mortgages] & likely to lose servicing share as well.
Piper Sandler: "In the next year or two, we could see several non-banks such as $RKT $PFSI New Residential or Mr Cooper have greater servicing market share than Wells Fargo"