Wells Fargo & Co.'s home mortgage unit has hired Lender Processing Services Inc. to help manage the $118.7 billion portfolio of pick-a-pay loans that the lender would inherit with its pending purchase of Wachovia Corp.

Bob Caruso, Lender Processing's executive vice president of strategy and business development, "will dedicate the vast majority of his time to Wells Fargo," the Jacksonville, Fla., vendor said Thursday. Mr. Caruso is an eight-year veteran and former executive vice president of servicing operations at Wells Fargo Home Mortgage in Des Moines.

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