History

Dovenmuehle is one of the oldest mortgage banking companies in the United States with a long history and
rich heritage.  Major milestones include the following:

1844       The predecessor of Dovenmuehle was founded as a "Land Agent" by Robert Malcom within Anderson's
              Ice Cream Saloon on Clark Street in Chicago.  At that time there were a total of 9,000 residents in
              the City of Chicago.  This company was acquired by Henry C. Dovenmuehle and re-named
              "Dovenmuehle, Inc."  The company's early activities were focused on commercial property brokerage. 
              Dovenmuehle Mortgage, Inc. was added as a subsidiary and operations were expanded to include "Real
              Estate and Money."   Dovenmuehle financed the development of notable commercial and multi-family
              projects throughout the United States including many of the original residential condominium buildings
              in Chicago.

1929       Percy Wilson Mortgage and Finance Company, which later acquired Dovenmuehle, was founded by
              Mr. Percy Wilson in Chicago with a focus on residential mortage banking and government lending
              especially for military veterans.  The company's offices were originally located at 105 S. Dearborn
              Street, later moved to 350 S. LaSalle Street, then to 55 E. Monroe Street and then to 221 N.
              LaSalle Street.                                                                                                              

1944       The following headline from an article published in the January 28, 1944 issue of The Real Estate News:

                                                                        "Dovenmuehle Celebrates
                                                                            100th Year in Business -
                                                                 History of Century-Old Mortgage House"

1969      Dovenmuehle was acquired by Chase Manhattan Bank to expand the bank's residential, commercial and
             multifamily lending operations nationwide.
                  
             Below is the original "Top Hat" Dovenmuehle company logo as shown on a sample mortgage loan
             document envelope used during the 1960s:

  

                                                        

                                                       
1979        Dovenmuehle was acquired by Percy Wilson Mortgage and Finance Company to diversify its
               residential mortgage banking operations with commercial and mutifamily lending.

1983        Percy Wilson Mortgage and Finance Company was sold to Gildorn Savings Bank in Chicago and
               re-named Gildorn Mortgage.  Gildorn Mortgage relocated its operations from downtown Chicago to new
               office facilities located in the expanding Northwest suburb of Schaumburg, Illinois.

1984        Gildorn Savings Bank was then sold and re-named Enterprise Savings Bank.

1987        Enterprise Savings Bank restored the historical name of "Dovenmuehle Mortgage, Inc."  and the new
               stylized green "D" logo was introduced.

1991        Dovenmuehle was acquired by William A. Mynatt, Jr.  All loan origination operations were discontinued
               as the company launched a new strategy to become the nation's premier outsourcing firm for mortgage
               servicing.  At this time, the company had a total of 35,000 loans in the servicing portfolio.

2006       Dovenmuehle relocated to the Kemper Lakes Business Center in Lake Zurich, Illinois with additional 
              operations centers later added in Elgin and North Aurora, Illinois.

2011       Dovenmuehle remained the largest mortgage subservicing firm in the United States.  Total portfolio
              volume surpassed 500,000 loans being subserviced for commercial banks, thrift institutions, credit
              unions, mortgage bankers and state housing finance agencies nationwide.

              The following letter was published on September 21, 2011 in USA Today highlighting the historical role
              played by Dovenmuehle in financing U.S. homeownership during and after World War II:

                                                                        Low Rates in 1940s

                                                          "In 1945 my parents had a 2%, 30-year loan on
                                                           their new $6,000 house in Franklin Park, IL
                                                           from Dovenmuehle Mortgage.  A 10% down
                                                           payment borrowed from Dad's employer was
                                                           required.  Closing costs of the house were $45.
                                                           Today, the fair market value is $120,000."

2013         Dovenmuehle remains the largest subservicing firm in the United States surpassing one million loans
               under management with 1,500 associates located at expanded office facilities in Lake Zurich
               and Elgin and a new office in North Aurora opened in October.              
 

 

 

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