Wells Fargo Enters Joint Venture to Fund NYC Broker's Mortgages
Wells Fargo Ventures and mortgage brokerage firm Prudential Douglas Elliman Real Estate have partnered to create a new wholesale lending operation. DE Capital Mortgage will replace Prudential Douglas Elliman’s Preferred Empire Mortgage Company, its previous wholesale lending unit. Co-owner Wells Fargo Ventures is the venture capital subsidiary of Wells Fargo (WFC). The new business unit will serve as the financing component of Prudential Douglas Elliman, which also provides mortgage, title and property management services in New York City. The partnership will provide Prudential Douglas Elliman home buying customers with Wells Fargo Home Mortgage's underwriting, processing and servicing services. “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,” said Dottie Herman, the president and CEO of Prudential Douglas Elliman, in a statement. Write to Austin Kilgore.