It is no secret that Wells Fargo is one of the most fraudulent banking institutions in business these days. They have been sued, fined and publicly admonished for perpetrating fraud against their customers. A quick Google search of Wells Fargo will bring to light numerous articles about all the different ways Wells Fargo has manipulated and defrauded their customers.

Within the last year, two relatively new mortgage servicers have come on the scene. They have been taking over the servicing rights to several large loan portfolios.

While I personally believe purchasing servicing rights of loans should be illegal (due to all the problems that occur when loans are transferred), it is perfectly legal for a bank to sell the rights of the loan to another servicer.