A Virginia originator who claims to be among the nation’s highest producing loan officers has launched a new venture that he hopes will generate $1 billion in production within four years.
The new company is Potomac Mortgage Group LLC.
The company, based in Reston, Va., announced its launch on Aug. 17.
| At the helm is President and Chief Executive Officer Ed Dean.
Dean previously was president of George Mason Mortgage LLC, according to the news release. George Mason reportedly went from $50 million in 2003 originations to $1.3 billion last year under Dean’s tutelage. “Dean was ranked one of the nation’s top 15 originators for his personal business, originating an average of $183 million in residential loans over the past five years,” the news release said of Dean’s tenure at George Mason. In a statement to MortgageDaily.com, Dean said his personal production was $140 million in 2008, while other loan officers brought on board so far at Potomac originated approximately $85 million last year. Dean projected $150 million in 2009 originations for Potomac. Next year, he expects volume to reach $300 million, and his goal is to reach $1 billion in production by the end of the fourth fiscal year.
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Potomac photo of Ed Dean
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Potomac’s staff is expected go from 14 now to 25 by Dec. 31.
The new firm was created as a partnership between Dean and Fred Brooks — who reportedly has a 25-year career in mortgage lending.
In addition to Virginia, Potomac said it operates in Maryland and Washington, D.C.
