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Here Is Why Wells Fargo Is Shrinking Its Mortgage Business

TheMotleyFool

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Here Is Why Wells Fargo Is Shrinking Its Mortgage Business: https://g.foolcdn.com/editorial/images/716212/couple-getting-a-mortgage.jpg

Mortgage origination is one of the most cyclical businesses out there. When times are good, the companies do great. When times are bad, they tend to be really bad. This was the case even with the economic disruptions caused by the COVID-19 pandemic. Businesses in this sector need to be ready for that cyclicality or they need to consider not participating.

Wells Fargo (NYSE: WFC) recently announced it will drastically shrink its mortgage banking business. Why is Wells throwing in the towel? Did the cyclicality become too much?

Image source: Getty Images.

Source Fool.com

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