Joint venture formed with Wells Fargo
By MortgageDaily.com staff
9/15/2005

PNC Financial Services Group Inc. has teamed up with the nation's second-largest originator to expand mortgage programs, beginning in the nation's capitol.

PNC announced Wednesday PNC Mortgage LLC, a joint venture with Wells Fargo Home Mortgage.

The strategic alliance will allow consumers in the greater Washington, D.C., area a wider range of home financing products and services and give PNC customers "ease and convenience when selecting and applying for a mortgage," according to the announcement.

"PNC is continuing to invest in a comprehensive array of financial services that are designed to make banking easier for our customers," said James Burzotta, PNC Bank senior vice president, in the announcement. "Now we are giving customers even more choices when they select a mortgage."

The parent of Des Moines, Iowa-based Wells Fargo Home reported 2004 mortgage volume of $298 billion, second only to Countrywide Financial Corp.

Customers of PNC Bank will be able to apply for mortgages through branches, the call center and through its wealth management business, PNC Advisors, according to the announcement.

The new company will reportedly initialize in the Washington area but will expand its service to include all PNC markets later this fall. PNC, based in Pittsburgh, Pa., has employees in 27 states, according to its Web site.

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