The new company is originating loans in eight east coast states between South Carolina and New Jersey, and the District of Columbia. It is now a wholly-owned subsidiary of Long & Foster.
In July, Wells Fargo elected to end the final eight joint venture mortgage origination platforms it was operating with real estate companies. These ventures were just 3% of its total mortgage production.
Prosperity Mortgage Co. was one of the ventures involved and the decision to end the joint venture was mutual. The pair had been in discussions regarding that for some time, Long & Fosterís Tim Wilson said in a July interview with National Mortgage News.
The joint venture ended operations on Jan. 1. It did $3.6 billion in mortgage applications in 2012 according to a press release. Long & Foster did not provide 2013 figures.
Wilson is now chief executive of Prosperity Home Mortgage. The company is offering fixed and adjustable rate mortgages, jumbos, new constructions loans, renovation financing and Federal Housing Administration loans. Prosperity Home Mortgage will be a direct seller/servicer to Fannie Mae and Freddie Mac.
It has 140 mortgage consultants on staff. Processing, underwriting and closing are handled in-house through five operations centers.