Wells to Buy Reilly Mortgage
Wells Fargo is acquiring Reilly Mortgage Group, a McLean, Va.-based multifamily lender with a Fannie Mae Delegated Underwriting and Servicing presence, for an undisclosed amount.
Reilly Mortgage originates over $1.5 billion in new loans a year and also has a multifamily servicing portfolio of $10 billion, Wells Fargo reports. Reilly provides financing to owners and operators of multifamily properties through Freddie Mac, Fannie Mae and FHA lending programs.
"Reilly Mortgage will significantly broaden Wells Fargo's ability to serve the needs of multifamily housing properties, and give us a presence in a number of new markets across the country," said Ed Blakey, head of Wells Fargo's Commercial Mortgage Group. "Wells Fargo, in turn, will be able to offer these customers a broader array of products and services to help satisfy all their financial needs and help them succeed financially."
Reilly Mortgage was the first mortgage banker approved under the Fannie Mae DUS program in 1988, according to Wells Fargo, and also one of the first companies approved as an FHA MAP (Multifamily Accelerated Processing) lender. "Reilly Mortgage's success is due to its consistent focus on the multifamily sector," said Tom Szydlowski, president and CEO of Reilly Mortgage.
"Our expertise in originating, underwriting, structuring, selling and servicing multifamily real estate loans reflects Reilly Mortgage's employees specialized knowledge, and our strong relationships with FHA, Fannie Mae and Freddie Mac and our borrower clients. We look forward to bringing these strengths to Wells Fargo."
The acquisition is expected to close in the third quarter of 2006. The business will then become part of Wells Fargo Wholesale Banking's specialized financial services group. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com