In Brief: Norwest in Joint Venture With Calif. Brokerage

DES MOINES - Norwest Mortgage Co. has formed a joint venture with Mountain Pacific Financial, a real estate brokerage company in San Diego.

The joint venture amounts to a controlled business arrangement, or CBA, between the companies. A CBA is a legal business entity as defined by the Department of Housing and Urban Development that allows real estate brokers and loan originators to share profits derived from home mortgage originations.

The subsidiary of Norwest Corp. has been aggressively pursuing CBA partners. It currently has eight, a Norwest executive said.

Norwest accepted the joint-venture agreement with Mountain Pacific, a franchise of Remax International, last month.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER