A wholesale lender is enlisting the help of one its mortgage broker clients in an aggressive push to expand its branching network.
Bay Equity Home Loans is a wholesale lender that says it operates in Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Texas, Utah and Washington.
But the San Francisco-based firm has also developed a retail bank platform that it claims will help brokers “thrive instead of survive” the implementation of loan officer compensation rule and growing regulations.
In a statement Thursday, Bay Equity said that it is “initiating an aggressive effort to expand its roster of branch offices by encouraging mortgage brokers to transition into the mortgage financing industry.”
As part of the initiative, its director of retail operations, Dave Hardin, will oversee an aggressive effort to expand its roster of branch offices in the West.
In addition to being on the board of Pacific Premier Bank, the 25-year veteran is also the chief executive officer of Covenant Mortgage, a mortgage broker that is one of a dozen firms to move into a banking relationship with Bay Equity.
“As a convert himself from brokering to banking, Hardin can help other brokers understand how successful they can be with a banking platform,” today’s statement said.
Four-year-old Bay Equity reports that it has funded in excess of $2 billion.
