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NEWARK-Prudential Mortgage Capital Co. has gotten approval from Freddie Mac to originate targeted affordable multifamily loans nationally on its behalf, company officials say. Besides becoming a targeted affordable lender, Prudential has gotten approval to underwrite and close qualifying transactions under Freddie Mac’s Delegated Underwriting initiative.

The new license, specifically granted to the Prudential Affordable Mortgage Co., adds to a platform that includes the capacity to sell and service loans for Fannie Mae and the FHA. Prudential had picked up the Fannie Mae and FHA capabilities when it acquired the WMF Group in 2000.

“We believe Freddie Mac’s targeted affordable products are very competitive in the market,” says Paige Warren, principal and head of Prudential’s affordable housing activities. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. “We are very excited to be one of a handful of lenders that can offer them on a delegated basis to the affordable borrowing community.”

In 2005, Pru closed more than $500 million in affordable loans through its agency and proprietary debt products, according to David Twardock, president of Prudential Mortgage Capital. The company is said to be on target to originate more than $700 million in affordable debt across all of its programs in 2006.

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