(MODESTO, California) Wells Fargo Home Mortgage, Inc., a subsidiary of Wells Fargo & Company (NYSE: WFC), and Sylvan Financial Services, Inc., an affiliate of Prudential California Realty, have agreed to the terms of a joint venture to originate, process and fund mortgage loans for customers of Prudential California Realty.
The joint venture, Guarantee Pacific Mortgage, LLC is co-owned by WFHMI and Prudential California Realty. Terms of the agreement were not disclosed.
The joint venture will offer customers of Prudential California Realty a wide range of home financing products and services through Wells Fargo Home Mortgage, the nation’s leading provider of residential financing.
“I am very pleased to announce the joint venture with Wells Fargo Home Mortgage,” said Craig C. Lewis, president and CEO of Prudential California Realty. “The joint venture will enhance the one-stop-shopping concept that we introduced to our marketplace several years ago.
"Wells Fargo Home Mortgage is the premiere mortgage lender in the United States, and generates one of every seven home loans in the Central Valley. The high standard of service at Prudential California Reality coupled with the innovation of the Wells Fargo Home Mortgage organization is a win-win for our clients as they navigate through the homebuying process.”
About Prudential California Realty
Ronald V. “Bud” Stone founded Prudential California Realty as Stone Real Estate in 1965. In 1969, Bud joined forces with his brother Thomas R. Stone to create Stone Bros. Real Estate, which affiliated with the Prudential Real Estate Affiliates, Inc. in 1989 to create Prudential Stone Real Estate. In 1994, under the direction of President/CEO and Managing Partner Craig C. Lewis, the company expanded its statewide affiliation to become Prudential California Realty, an independently owned and operated member of the Prudential Real Estate Affiliates, Inc.
About Wells Fargo Home Mortgage
Wells Fargo Home Mortgage, Inc., headquartered in Des Moines, Iowa is a leading originator and servicer of residential mortgages. A subsidiary of Wells Fargo & Company (NYSE: WFC), Wells Fargo Home Mortgage serves all 50 states through the leading mortgage lending network in the country, with a presence in more than 1,800 mortgage and Wells Fargo bank stores and on the Internet. Combined, its retail and wholesale lending operations provided funding for approximately one of every eight homes financed in the United States in 2002.*
*Based on statistics compiled by Inside Mortgage Finance.
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Founded in 1965 as Stone Real Estate and transitioning to the Prudential name in 1989, Prudential California Realty (PCR) provides comprehensive real estate service when buying, selling and owning a home. The PCR family of companies includes Prudential Relocation (an independent organization that is part of Prudential Real Estate and Relocation Services), Guarantee Pacific Mortgage, LLC (an affiliate of Wells Fargo Home Mortgage, Inc.), Wolverine Property Management, Sylvan Transaction Services and Prudential Commercial Real Estate (an independently owned and operated member of Prudential Commercial Services). Prudential California Realty is an independently owned and operated member of the Prudential Real Estate Affiliates, Inc. To learn more, visit http://www.PruCalifornia.com/
