Wells Fargo Ventures LLC, a wholly-owned subsidiary of Wells Fargo Bank NA and Prudential Douglas Elliman Real Estate have announced a joint venture to originate and fund mortgage loans for Prudential Douglas Elliman and other New York customers looking to finance or refinance their home. The jointly-owned mortgage company, DE Capital Mortgage LLC, replaces Preferred Empire Mortgage Company, which maintained wholesale relationships with a nationwide network of financing institutions for Prudential Douglas Elliman.
DE Capital Mortgage will serve as the financing component of Prudential Douglas Elliman’s core services. Prudential Douglas Elliman’s family of services includes real estate, mortgage, title and property management.
“We’ve listened carefully to the needs of our clients, and feel strongly that we provide them with the financial services they require and work with the biggest and best in the business, Wells Fargo,” said Dottie Herman, president and CEO of Prudential Douglas Elliman. “With this joint venture, our clients will enjoy the ability to obtain a mortgage directly from our affiliate, DE Capital Mortgage--with competitive rates, high-touch service, a broad product line and convenience.”
Herman said the selection of Wells Fargo as Prudential Douglas Elliman’s affiliate was based on an alignment of core values, and proven track record of supporting customer and sales-professional needs. The joint venture will leverage Wells Fargo Home Mortgage's underwriting, processing and servicing services for homebuyers working with Prudential Douglas Elliman’s 3,800 sales professionals in more than 60 offices in Manhattan, Brooklyn, Queens and Long Island, including the Hamptons and North Fork.
Joe Jackson, head of Wells Fargo Ventures, said the company is excited about the alliance with the largest real estate services company in New York.
“Prudential Douglas Elliman has remained strong in a challenging environment, and has a high-talent team,” Jackson said. “We’re glad to be able to add top talent to the team with our extensive mortgage expertise--and experience with the joint venture model.”
Edward J. Thomas, Wells Fargo Home Mortgage retail regional sales manager for Prudential Douglas Elliman markets added, “We look forward to a strategic relationship with a high-profile and high-performing team that shares our focus on doing right by customers. Together, we’ll be greater than the sum of our parts.”
For more information, visit DE Capital Mortgage on the Web by clicking here.