Wells Fargo & Co., San Francisco, has announced an agreement under which Wells Fargo Bank NA will acquire the assets of Reilly Mortgage Group, a privately owned multifamily real estate finance firm based in McLean, Va.The terms of the agreement were not disclosed. Subject to regulatory approval, the business will become part of the Specialized Financial Services Group of Wells Fargo Wholesale Banking. "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 said Reilly Mortgage is one of the largest commercial mortgage finance companies in the United States, originating more than $1.5 billion in new loans a year, and was the first mortgage banker approved under Fannie Mae's Delegated and Underwriting Servicing Program in 1988.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
1h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
2h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
2h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
3h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
3h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
5h ago