Wells Fargo Home Mortgage, WCI Mortgage Form Joint Venture
06 Julio 2006 - 7:30AM
Business Wire
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(R) 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." About WCI
WCI Communities, Inc., named America's Builder 2004 by the National
Association of Home Builders and Builder Magazine, has been
creating amenity-rich, master-planned lifestyle communities since
1946. Florida-based WCI caters to primary, retirement and
second-home buyers in Florida, New York, New Jersey, Connecticut,
Maryland and Virginia. The company offers traditional and tower
home choices with prices from the low-$200,000s to more than $10
million and features a wide array of recreational amenities. In
addition to homebuilding, WCI generates revenues from its
Prudential Florida WCI Realty Division, its mortgage and title
businesses, recreational amenities and land sales. The company
currently owns and controls developable land of approximately
17,000 acres. About Wells Fargo Home Mortgage Celebrating its
centennial year, Wells Fargo Home Mortgage is the nation's No. 1
retail mortgage lender and a leading servicer of home mortgages. As
a division of Wells Fargo Bank, N.A., it has a local presence in
more than 2,400 mortgage stores and bank branches, plus the
capabilities to serve the home financing needs of customers
nationwide through its call centers, Internet presence and
wholesale lending operations. Wells Fargo Home Mortgage services
loans for 6 million customers in all 50 states and is headquartered
in Des Moines, Iowa. -- Based on year-end 2005 statistics compiled
by Inside Mortgage Finance - Feb. 17, 2006
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