Wells Fargo Ventures LLC, a wholly owned subsidiary of Wells Fargo Bank NA, and Prudential Douglas Elliman Real Estate, New York's largest residential brokerage, 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 Co., 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 services include real estate, mortgage, title and property management.
The joint venture will leverage Wells Fargo Home Mortgage's underwriting, processing and servicing services for home buyers working with Prudential Douglas Elliman's 3,800 sales professionals.