A mortgage firm that was operated as one of Wells Fargo & Co.’s joint ventures has re-emerged as a new business.
More than two decades ago, the San Francisco-based company began establishing mortgage joint ventures with partners across the country.
But in February, Wells Fargo disclosed that it was starting to wind down some of those businesses and had already began dissolving joint ventures.
Then, in July, the lender said it would wrap up the remaining eight joint ventures it still operated.
“The decision is based on the current regulatory and market environment as changes in state and federal oversight have increased the complexity and difficulty of operating mortgage joint ventures,” the July statement said.
One of the eight ventures was Prosperity Mortgage Co., which was operated with the Long & Foster Companies.
A news release Thursday indicated that the company has re-emerged as Prosperity Home Mortgage, a Long & Foster-subsidiary.
The company serves prospective borrowers in eight states up and down the East Coast.
Prosperity reports that it has 140 mortgage consultants.
