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| A number of net branch operations are still reporting growth. Among strengths recently touted by some of the companies were strong executive teams, aggressive secondary marketing departments and 100 percent commission programs.
Stonegate Mortgage Corp. announced plans to expand its affiliate mortgage banking program outside of Indiana. The Indianapolis-based company said it recently opened a branch in Louisville, Ky., and has applied for licenses in Kansas, Minnesota, Missouri and Tennessee. Four new branches with 10 to 15 originators each are planned for this year. “Stonegate’s affiliate business model is a hybrid retail model that provides wholesale pricing to our affiliate branches and creates multiple revenue opportunities for each branch operation,” Stonegate President, Jim Cutillo said in the statement. Cutillo reportedly was a GMAC Residential Funding director. Other executives at the firm include David G. Kittle, chairman-elect of the Mortgage Bankers Association and former executives from IndyMac Bank and Waterfield Financial. Supreme Lending is courting mortgage brokers by touting its secondary marketing department. Available programs reportedly include government loans, conventional loans and 100 percent loan-to-value mortgages. “The marketplace is no longer off-the-rack — products and services must be custom-fit,” the Dallas-based company said recently in an e-mail marketing piece. “Our secondary marketing product team provides an endless array of perfectly-tailored offerings.” Supreme says it gives affiliate branches 100 percent commission and doesn’t require yield spread disclosures. Primary Residential Mortgage Inc. issued a statement boasting about a new “divisional partnership” with Elmhurst, Ill.-based Integrus Lending Group. Integrus, which was founded earlier this month by two former executives of failed American Home Mortgage Investment Corp., will keep its name, according to the announcement. The branch employs more than 20 people. The partnership reportedly enables Integrus to focus on sales while Salt Lake City-based PRMI provides financial and operational support. Allied Home Mortgage Capital Corp., the self-proclaimed “largest privately held mortgage banker/broker in the U.S.,” announced a new branch in Wilmington, Del. The branch manager, Robert Keller, reportedly worked for Wells Fargo Home Mortgage previously and ranked among its top five sales supervisors on three separate occasions. Independent Mortgage Corp. reported $1.6 billion in 2007 originations. The Sun Prairie, Wis.-based company, founded in 1996, says it employees over 500 people in 100 branches. |
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Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com. e-mail:Â mtgsam@aol.com |
