Wells Fargo Ventures, a wholly-owned subsidiary of Wells Fargo Bank and Prudential Douglas Elliman Real Estate, a New York-based residential brokerage, have formed 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 (DECM), replaces Preferred Empire Mortgage Company, which maintained wholesale relationships with a nationwide network of financing institutions for Prudential Douglas Elliman. Reportedly, DECM will serve as the financing component of Prudential Douglas Elliman’s core services that include real estate, mortgage, title and property management.
Dottie Herman, president and CEO of Prudential Douglas Elliman, said: “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. 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.”
Joe Jackson, head of Wells Fargo Ventures, said: “Prudential Douglas Elliman has remained strong in a challenging environment, and has a high-talent team. 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.”
