Wells Fargo Home Mortgage Reports Sixth Consecutive Year of Record Builder Originations
DES MOINES — February 5, 2001
Despite the slowdown in demand for newly constructed homes in 2000, Wells Fargo Home Mortgage, Inc. reported its sixth consecutive year of record builder originations.
The company, which has been the leading lender to builders since 1997, reported 2000 annual new construction origination volume of $8.9 billion, compared to 1999 volume of $8.1 billion. This figure represents 49,393 homes, or approximately 600 more homes than the company financed one year ago. The company posted annual originations, including retail, wholesale and correspondent volume, of $67 billion in 2000.
"Despite a downturn in the market, we were able to grow our business… that really says that our personal, hands-on approach - to serve the customer when, where and how they want to be served - works. These relationships will be very valuable heading into the lower rate environment," said Desmond Smith, senior vice president for Wells Fargo Home Mortgage. "By marketing a line of products and services designed for builders - through a network of Regional Builder Sales Managers (RBSMs) and more than 4,400 home mortgage consultants - we're better able to understand our builders and their individual needs."Back to Top
Wells Fargo Reports Sixth Consecutive Year of Record Builder Originations
Wells Fargo Home Mortgage's builder sales staff markets a line of nearly 20 products designed exclusively for new home builders and new home buyers. For example, the company's Construction/Perm AdvantageSM offers homebuyers and homebuilders time and cost savings by combining the costs associated with construction financing and permanent financing into a single transaction. Builder BestSM , an adjustable-rate mortgage, allows homebuyers to lock-in interest rates for up to 360 days, while the company's Model Home Sale-Leaseback program allows builders to sell an existing model and lease back the property from the buyer for continued use as a model.
Based in Des Moines, Iowa, Wells Fargo Home Mortgage, Inc., is a subsidiary of Wells Fargo & Company (NYSE: WFC). It is a leading originator and servicer of residential mortgages. With a presence in more than 1,200 mortgage and Wells Fargo bank stores serving all 50 states, Wells Fargo Home Mortgage operates the leading mortgage lending network in the country. Combined, its retail and wholesale lending operations provide funding for approximately one of every 15 homes financed annually in the United States.