WELLS FARGO HOME MORTGAGE, STIRLING MORTGAGE FORM JOINT VENTURE
MURRAY, Utah – Nov. 2, 2007 – Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A. and one of the nation’s leading providers of residential mortgages, and Stirling Mortgage have agreed to form a joint venture to originate, process and fund mortgage loans for Stirling Mortgage customers and others. Terms of the agreement were not disclosed.
Co-owned by Wells Fargo Home Mortgage and Stirling Mortgage, the joint venture, Stirling Mortage Services, will offer customers a wide range of home financial products and services through Wells Fargo Home Mortgage, including underwriting, compliance and loan-processing services. “We are proud to be in this relationship with Wells Fargo,” said Justin Brown, branch manager for Stirling Mortgage, a division of the Hamlet Companies, a leading Utah homebuilder and developer. “We look forward to providing our homebuyers the same positive experience in financing that they receive from the Hamlet Companies when building their new home.”
“Our extensive mortgage expertise allows us to create a company that can focus on serving the customers of Stirling Mortgage,” said Bob Beers, an area manager for Wells Fargo Home Mortgage based in Salt Lake City. “Homebuyers consistently tell us that being able to get all of their services in one location is important to them. We will be able to offer on-site mortgage information and speedy approvals to qualified buyers.”
About Wells Fargo Home Mortgage
Wells Fargo Home Mortage is the nation’s No. 1 retail mortgage lender and servicer of home mortgages. As a division of Wells Fargo bank, N.A., it has a local presence in more than 2,300 mortgage stores and bank branches, plus the capabilities to serve the home financing needs of customers nationwide through its call centers, Internet presence and wholesale lending operations. Wells Fargo Home Mortage services loans for more than 7.8 million servicing customers.
About Stirling Mortgage
Located in Murray, Utah, Stirling Mortgage is a division of the Hamlet Companies providing full-service residential home financing to Hamlet Homes’ homebuyers, as well as other customers, and helps to select the most appropriate financing product for their situation. The company’s product lines include government financing and conventional loans, and have the flexibility to access a variety of investor sources, enabling the company to provide customers with a wide array of loan products. Stirling’s Web site, www.stirlingmortage.com, offers real-time, online loan applications for quick and convenient loan approvals.