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Managers, Staffers Exit PA Firm

Equity Loans picks up executives, employees


Sept. 18, 2013

By Mortgage Daily staff


A Georgia mortgage banker that recently obtained agency approval, opened a wholesale lending channel and expanded its branch network has picked up management and staffing from a Pennsylvania company.

Equity Loans LLC reported that it grew loan production by 50 percent in 2012. Helping to lift originations was the opening of 17 new branches.

The Atlanta-based company, which was designated as one of Atlanta's Best and Brightest Companies to Work For by the National Association For Business Resources, announced earlier this year that t was approved by Fannie Mae as a residential seller-servicer.

Equity Loans reportedly operates in more than 30 states.

On Wednesday, Equity Loans disclosed that it picked up top management and key employees from IFG Mortgage Corp.

Among employees to transition from IFG are Keith Binsfeld, area director; Shawn M. Cohen, director of originations; and Steve Fishman, director of operations. Also making the move are Ben Stucker, director of senior lending; Ed Walsh, area director; and Brad Wurtz, vice president of business development.

"To make this transition as seamless as possible, a team from Equity Loans visited IFG's headquarters to ensure we have a full understanding of IFG's clients and partners," Equity Loans Chief Executive Officer Kunjan Patel said in the announcement. "The combination of IFG's experienced staff and strong industry relationships will be an excellent addition to Equity Loans, further expanding our footprint and opportunities for future growth."

It is not clear whether Newtown, Pa.-based IFG is closing down. Someone who answered the phone at the company was not authorized to comment on the firm's status, and a spokeswoman for Equity Loans didn't immediately respond to a request for clarification.

However, previous branch recruiting materials from Equity Loans indicated it would consider hiring "a previous owner of a mortgage lender or mortgage broker that had to close his or her company due to downturns in the market."

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