Wells Fargo Home Mortgage, WCI Mortgage Form Joint Venture
biz.yahoo.com
Thursday July 6, 8:30 am ET
DES MOINES, Iowa--(BUSINESS WIRE)--July 6, 2006--Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A., one of the nation's leading providers of residential mortgages, today announced a new joint venture with Florida-based WCI Mortgage, a subsidiary of WCI Communities, Inc. (NYSE:WCI). The joint venture, to be called WCI Mortgage, an affiliate of Wells Fargo Home Mortgage, will originate, process and fund mortgage loans in Florida for WCI's customers and others. The joint venture will also service Prudential Florida WCI Realty, which has more than 58 locations and 2,200 real estate associates throughout Florida, and was ranked the 22nd largest real estate company in the nation in sales volume by REALTOR® Magazine and is ranked fifth largest among Prudential affiliates nationwide.
The joint venture will provide mortgage origination services, including reviewing applications and pre-qualifying buyers for home loans. It will offer a wide range of home-financing products and services including underwriting, compliance and loan-processing services.
In addition, the entity will operate as a mortgage lender with a capital structure that allows it the advantage of funding the mortgages it originates.
Susan Walker has been named president of the joint venture. She has more than 26 years of experience in the mortgage lending industry and has been employed by WCI for more than two years.
"The alliance with Wells Fargo is an important step in strengthening our customers' experience and demonstrates the value of the WCI brand," said Rei Mesa, president of WCI's Real Estate Services Division. "We are proud to join forces with one of the most successful names in the mortgage industry, and excited to provide our sales associates, community representatives and customers access to their service network. The joint venture gives our sales associates great confidence in recommending our services, and in the process will make our business more successful."
Joe Jackson, head of Wells Fargo Ventures, said the company is excited about the alliance with WCI.
"We share common values with WCI, including a focus on providing the highest-quality service to customers," he said. "WCI has deep roots in the eastern United States and a proven track record of results. As one of the largest and premier builder and real estate companies in the country, we see this joint venture as a natural fit with Wells Fargo. We are excited to support WCI's goals and provide their clients with the best financing solutions to meet their individual needs." |
