New Joint Venture to Originate, Fund, Process Florida Home Loans

The Florida home loan market must have a bright future. Why else would Wells Fargo Home Mortgage create a joint venture with Sunshine State-based WCI Mortgage?

The new company will specialize in the origination and funding of Florida home mortgage loans. It will also service Prudential Florida WCI Realty, which has more than 58 locations and 2,200 real estate associates throughout the state.

Inside the Florida home loan venture

The joint venture will provide mortgage origination services, including reviewing applications and pre-qualifying buyers for Florida home loans. It will offer a wide range of home-financing products and services including underwriting, compliance and Florida home loan processing services.

In addition, the entity will operate as a Florida mortgage lender with a capital structure that allows it the advantage of funding the mortgages it originates.

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.”

Any new project in the state is good news. It means companies believe there is are prosperous days ahead within the Florida real estate market.