Elliman partners with Federal Saving Bank.
Douglas Elliman Real Estate announced a partnership with The Federal Savings Bank (TFSB), one of the largest privately held banks focused on residential home lending in America.Ace Watanasuparp, has been appointed as president of the DE Capital Division of The Federal Savings Bank.
"The home mortgage is critical to our core business, the buying and selling of real estate," said Dottie Herman, president and CEO of Douglas Elliman.
"With this new partnership, the DE Capital division becomes an even larger platform for our customers, our agents and our business."
"I am honored to be a part of this affiliation," said Watanasuparp, President of the DE Capital Division of The Federal Savings Bank. "With this new partnership, we are able to enlarge the capabilities of our already strong portfolio. This is a truly exciting new venture."
The Federal Savings Bank is a veteran-owned and operated Federally Chartered bank that operates and services all 50 states and the District of Columbia.
The Bank currently has over 600 employees and controls the entire lending process from origination, processing, underwriting, closing and funding in house.
"I founded The Federal Savings Bank 20-years ago and have never had a smoother transition or worked with a more visionary company," said Stephen M. Calk, chairman and CEO of The Federal Savings Bank.
"Ace Watanasuparp has a spectacular career in management and finance, and with his continued leadership, our businesses will progress on a platform of superior service, products, pricing and professionalism. This also represents an opportunity to finance over $12 billion in annual real estate sales."
The DE Capital division of The Federal Savings Bank serves as the financing component of Douglas Elliman's core services. Elliman's family of services includes real estate, mortgage, title and property management. The DE Capital division of The Federal Savings Bank is able to work alongside customers and agents to underwrite and approve loans more quickly than other banks. The DE Capital division of The Federal Savings Bank is equipped with a full complement of HVCC compliant local appraisers who understand each market's specific neighborhood, pricing comparables, and listing inventory.
The new partnership replaces the relationship DE Capital had with Wells Fargo, which was a jointly-owned mortgage company.
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| Publication: | Real Estate Weekly |
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| Date: | Apr 2, 2014 |
| Words: | 367 |
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