TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/120611
Local Edition S e c on da r y M a r k e t a na ly t ic s se r v ic i ng or ig i nat ion ORIGINATION Edward Jones Mortgage, which reportedly employs 214 people, is a joint venture between San Francisco-based Wells Fargo and Des Peres, Missouribased Edward Jones. The office has been writing residential mortgages since 1998 and ceased writing them in January. "Regulatory reform stemming from the 2010 Dodd-Frank Act changed the rules for joint ventures of this type," said a spokesperson for Edward Jones. "After discussing how those changes might impact the ongoing joint venture, Wells Fargo has decided to end the agreement," according to the statement from Edward Jones. Wells Fargo said in a separate statement to TheMReport.com that it has "decided to dissolve several of its joint venture alliances" but added that it "remain[s] committed to the joint venture business." "The majority of the employees will be permanently laid off as of March 7," according to the company's filing with the Minnesota Department of Employment and Economic Development. Having already ceased writing new mortgages, Edward Jones Mortgage will officially shut its doors April 12. "There will be no impact on existing mortgages sold through Edward Jones Mortgage," according to Edward Jones. Additionally, any applications still making their way through the process "will be completed as normal," the company stated. As for the more than 200 employees being laid off, Wells Fargo said, "We are working with these individuals to help them find opportunities to apply for jobs within Wells Fargo." Guardian Announces Diversity Initiative The real estate services company renewed its 46 | The M Report by individuals and families confronting unequal treatment due to their income and/or ethnic status," the company stated in its press release. Guardian was founded in 1971 and currently manages more than 18,000 multifamily units dispersed among 280 properties. Guardian announced plans to intentionally seek out minority firms to meet supply needs and to encourage its vendors to work with minority firms as well. ORNL Federal Credit Union Expands Continuing its regional dominance, the credit union revealed plans to open its thirty-third branch location in 2014. commitment to "social equity" with the launch of an upgraded personnel strategy. Oregon // Guardian Real Estate Services, LLC, a Portland, Oregon-based real estate management, investment, and development firm, announced a new commitment to social equity and diversity. "We know that committing to social equity and diversity is the right thing to do for our society," said Tom Brenneke, president of Guardian Real Estate Services. "We also know research shows organizations that actively pursue responsible efforts to these goals are organizations that become stronger, both internally, and in their industry. This 'double bottom line' emphasis is important to our company," Brenneke said. Twenty-four percent of Guardian's more than 1,000 employees are ethnic minorities, and 47 percent are women, according to a press release from the company. Additionally, 60 percent of the company's executive management team are women. Guardian's newly announced commitment includes intentions to continue to promote diversity within the company. Guardian also announced plans to intentionally seek out minority firms to meet supply needs and to encourage its vendors to work with minority firms as well. "As one of the country's largest affordable housing developers, the company comes in daily contact with the challenges faced Tennessee // ORNL Federal Credit Union (FCU), the largest credit union in East Tennessee, announced it has entered into an agreement to purchase land to be used for a new full-service branch in 2014. The new branch, which will be located in Knoxville's Northshore Town Center, is ORNL's 33rd location. According to a release, it will provide a "full suite of services and greater convenience to ORNL FCU's membership of approximately 157,000." "We are very pleased to be making this expansion announcement as it will allow us the opportunity to better serve and bring increased value to our members," said Chris Johnson, president and CEO of ORNL. "We have a very dedicated staff and board of directors who have worked hard to make this expansion a reality, and since we are member-owned, our focus is on delivering solutions to our members, rather than making money for stockholders." The announcement follows a tremendous year of growth for the credit union, which saw a 15 percent increase in its customer loan portfolio and a more than 12 percent growth in all loans in 2012. According to Johnson, ORNL has tripled its assets from $450 million to $1.43 billion in the last 13 years and more than doubled its membership.