|Growth is still occurring at some net branch operations — despite a number of recent failures in the sector.
Several net branch companies have gone out of business — leaving brokers with lost deposits and unfunded loans. Among recently failed companies are Global Mortgage Inc., First National Mortgage Sources and Maverick Residential Mortgage.
But a number of net branches, faced with mortgage brokers looking for a new home, are still reporting growth.
Among them is NFM Inc.
After adding 28 branches last year, NFM has already added eight more so far this year, the Baltimore-based company reported to MortgageDaily.com.
The 2008 additions include one branch in California, three Maryland branches, one Michigan branch and three branches in New York. The branch count currently stands at 36.
NFM, a MortgageDaily.com advertiser, attributes its growth to a focus on government lending programs, solid operational procedures and high quality employees who are continuously trained.
“The combination of a safe product for our customers and a highly skilled staff has allowed NFM to avoid the many pitfalls that today’s loan origination companies currently suffer,” the company said.
Primary Residential Mortgage Inc. announced a record $178 million in correspondent originations during February. Year-to-date loan volume was up 25 percent over the prior year.
PRMI noted aggressive targets, innovative business channels and hard-working employees all contributed to increased production. The Salt Lake City-based company said it currently has more than 200 branches supported by 120 corporate office employees, of which 18 were added since February. Company wide, 800 people are employed at the firm.
“With the new business affiliations we have in the works, we expect this trend to continue,” PRMI President and Chief Executive Officer David Zitting said in the statement. “Our financial outlook is bright.”
American Pacific Mortgage reports that a large number of mortgage brokers are “flocking” to the firm.
The Roseville, Calif.-based company touted a new correspondent lending relationship with Flagstar Bank in a recent announcement. American Pacific said it funds loans itself through a warehouse line, though it relies on its lenders, including Chase and First Horizon, to perform most of the underwriting and document drawing.
Allied Home Mortgage Capital Corp., the self-proclaimed biggest privately-held U.S. mortgage banker/broker, announced two new branches. A second branch has been opened in Westerville, Ohio, while the company opened its first branch in Malad, Idaho.
Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.
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