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Wells to Buy Reilly Mortgage.
SAN FRANCISCO -- Wells Fargo is acquiring Reilly Mortgage Group, a McLean, Va.-based multifamily lender with a Fannie Mae Delegated Underwriting and Servicing presence, for an undisclosed amount.
Reilly Mortgage originates over $1.5 billion in new loans a year and also has a multifamily servicing portfolio of $10 billion, Wells Fargo reports. Reilly provides financing to owners and operators of multifamily properties through Freddie Mac, Fannie Mae and FHA lending programs.
"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, in turn, will be able to offer these customers a broader array of products and services to help satisfy all their financial needs and help them succeed financially."
Reilly Mortgage was the first mortgage banker ...
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Source: HighBeam Research, Wells to Buy Reilly Mortgage.