NEW YORK, March 28, 2014 /PRNewswire/ -- Douglas Elliman Real Estate announces its partnership with The Federal Savings Bank (TFSB), one of the largest privately held banks focused on residential home lending in America. Mr. 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 Ace 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 twenty-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. With over 70 offices in New York City, Long Island, the Hamptons, Westchester/Putnam, South Florida and the recent addition of Los Angeles, the combined entities are able to provide superior service in all areas the real estate transaction as well as various other interests throughout the country.
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. As a result, the team is able to approach each situation with inside knowledge and local expertise. 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.
This new partnership replaces the relationship DE Capital had with Wells Fargo, which was a jointly-owned mortgage company.
About Douglas Elliman Real Estate
Douglas Elliman Real Estate is New York's largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons, Westchester/Putnam, Los Angeles, and South Florida and more than 4,000 real estate agents and a network of national and international affiliates. They are strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, 2010, 2011, 2012, and 2013. The company also controls a portfolio of real estate services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as DE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at www.elliman.com
About The Federal Savings Bank
The Federal Savings Bank is a Veteran owned, Federally Chartered bank. The Bank, established in 2011, became profitable within its first 3 months of operations, and has grown from nine employees and one office to approximately 600 employees with offices nationwide. In 2011 The Federal Savings Bank was named by the American Bankers Association Journal as the most profitable bank in America with total assets of less than $100 million dollars. It has deposit and loan production offices in Overland Park, KS, and Chicago, IL with loan production offices throughout the United States. The Bank's avoidance of higher risk business has paid off for customers, employees and shareholders, allowing it to focus on meeting customers' home financing needs through competitive products, unparalleled customer service and convenience. The Federal Savings Bank is proud to have the best private bankers and processors on its team, many of whom have served in the U.S. military. As a result, the Bank is rebuilding America - One home loan at a time.
SOURCE Douglas Elliman Real Estate