Certain Wells JVs Told They Are Solid but Questions Remain, Some Seek Warehouse Lines Just in Case
February 28, 2013
A year ago, Wells Fargo had a stake in roughly 100 joint venture mortgage banking companies, mostly with real estate brokers. Today that number stands at 10 or so with some of the remaining JVs voicing concerns that the nations largest lender might pull the plug by the time 2013 ends. However, at least two Wells JVs HomeServices Lending and Prosperity Mortgage have been reassured by the bank that their relationships are on firm footing and they have nothing to worry about. Still, there is a growing concern among some JV partners that, in the words of one executive: Wells is allocating resources away from JVs. This source, who spoke under the condition his name and company not be published, said...