Net Branch Advantages

1st Metropolitan Mortgage reported it increased its FHA originations “11-fold over the last year.” Government originations have gone from a three percent share of its business in 2006 to one-third of its March production. The Charlotte, N.C.-based company hopes to push its FHA share to one-half of overall business.

1st Metropolitan Chief Executive Officer Daniel Jacobs said market fundamentals won’t improve before the end of 2008, though it’s more likely conditions will improve during the first half of next year.

“So, to see interest rates and even certain areas’ loan limits, particularly with FHA, improving, we should receive a boost in business irrespective of the overall housing market improving,” Jacobs said.

Frost Mortgage Banking Group has agreed to operate as a division of Primary Residential Mortgage Inc., PRMI announced. Frost reportedly employs 27 people in offices located in Arizona, New Mexico and Utah. Last year’s production at Frost was $128 million.

Salt Lake City-based PRMI named the founder of Frost Mortgage, Greg Frost, as its vice president of national training. The company said Frost has been “noted as the industry’s first billion-dollar originator.”

Plano, Texas-based LMI Funding Inc. is now operating as part of PRMI bringing PRMI’s current headcount to around 800 and current branch count to approximately 150.

Allied Home Mortgage Capital Corp. announced a branch re-opening in Grove, Okla.

Houston-based Allied, which claims to be “the largest privately held mortgage banker/broker in the U.S.,” said it opened a new branch in Spring Grove, Ill.

In addition, a new Allied branch was reported in Vincent, Ala.

Another Houston-based branch operation, First Houston Mortgage, announced San Antonio, Texas-based Professional Mortgage Services has joined as a net branch. First Houston reports 20 branches and 250 employees currently.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: mtgsam@aol.com