HomeServices Lending LLC — a joint venture of Wells Fargo and Berkshire Hathaway’s HomeServices of America — announced Thursday that it will become a wholly owned subsidiary of HomeServices of America.
The transition is expected to conclude next year.
“Wells Fargo has been a great partner for many years, and we look forward to working together in the future, but we felt that a wholly owned model better fits our long-term strategy, said Todd Johnson, president of HomeServices Lending.
The change will not affect current operations of HomeServices Lending, which has about 30 employees in its Omaha and Lincoln offices, a spokesman said. Home mortgage consultants, underwriters and others will continue serving customers with mortgage financing.
Becoming a wholly owned subsidiary aligns with HomeServices of America’s aggressive growth strategy and supports its aim to provide a full range of homeownership services, said Ron Peltier, chairman and CEO of the Minneapolis-based HomeServices of America.
The move “provides us with tremendous flexibility as we continue to build HomeServices into a global organization,” Peltier said.
HomeServices of America is the second-largest full-service residential real estate brokerage firm in the U.S. It is majority owner in the Prudential Real Estate, Real Living Real Estate and Berkshire Hathaway HomeServices franchise networks.