Wells Fargo to Close Mortgage Joint Venture in Minneapolis

Wells Fargo's mortgage unit is terminating a joint venture with investment firm Edward Jones and closing an office in the Minneapolis area.

The company said Wednesday that the closing of the Edward Jones Mortgage office in Minneapolis will affect about 210 employees. The office is set to close on April 12, a company spokeswoman said.

Wells Fargo (WFC) decided to close the office due to marketing and regulatory considerations, the company said in a statement.

Reforms tied to the Dodd-Frank Act changed the laws related to this kind of partnership, the Minneapolis/St. Paul Business Journal reported. Wells Fargo and Edward Jones formed Edward Jones Mortgage in 1998, the publication said. Its office is in St. Louis Park, a Minneapolis suburb.

Wells Fargo is helping the employees at the office apply for other jobs.

Edward Jones Mortgage is one of several joint ventures where Wells Fargo Mortgage allies with a third-party that is licensed to originate, process and fund mortgage loans.