Aiming to make home loans easier to obtain in the midst of the credit
crunch, Prudential Douglas Elliman has formed its own mortgage company. In a joint venture with Wells Fargo, the brokerage firm has created a
company known as DE Capital Mortgage to originate and fund mortgages,
said Dottie Herman, president and CEO of Elliman. This is the only arrangement of its kind among large residential
brokerages in Manhattan, Herman said, adding that having an in-house
mortgage lender will help make it easier for Elliman customers to get
loans. “It just makes everything go a lot quicker and smoother,” she said. “There’s no middle-man.” Elliman has a 50 percent ownership stake in the new venture, as does
Wells Fargo, and DE Capital Mortgage is an affiliate of both companies.
Loans will be underwritten, processed and serviced by Wells Fargo Home
Mortgage, and customers will have access to the same terms and programs
that Wells Fargo offers in all of its locations. But they will
effectively be getting their mortgages through Elliman. “When you get
your mortgage, it’ll say DE Capital,” Herman said. [more]

From left: Hall Willkie, Diane Ramirez, Dottie Herman and Barak Dunayer

New York City real estate is headed for momentous changes, for better or worse, industry leaders say. “We’re not going to recognize our industry when we’re through these
next few years — in a good way,” said Hall Willkie, president of Brown
Harris Stevens, speaking on a panel discussion last night as part of
REBNY’s 2009 Real Estate Master Series. Other panelists included Diane Ramirez, president of BHS sister company
Halstead Property; Dottie Herman, president and CEO of Prudential
Douglas Elliman; and Barak Dunayer, president of Barak Realty. Jeffrey
Appel, senior vice president and director of new development financing
at Preferred Empire Mortgage Company, moderated the discussion.
[more]