|A California wholesale lender is heading east.
As part of continued nationwide expansion, Residential Mortgage Corp., or ResMAE, started operating two new regional processing centers in Texas and Florida that will add 100 jobs handling production functions including underwriting, appraisals, and funding.
“Both of these new processing centers, strategically placed in key markets, will support ResMAE’s continuing strong growth,” said Paul Abbamonto, ResMAE executive vice president, in a prepared statement.
According to company spokesman Richard Theiss, third quarter loan volume of $787 million grew almost 50% from the previous quarter and kept the lender on track to meet its annual goal of $2.5 billion.
The Texas center, located in Frisco, in the outskirts of Dallas, already has 25 internal employees, which encompass mortgage processing and administrative positions. A total of 50 more will be added throughout 2005, of which half will be internal positions and the other half will consist of external employees — account executives, Theiss said. The facility services the Texas mortgage market, but will soon include Louisiana, New Mexico, and Oklahoma, ResMAE reported.
The Florida center, located in Sunrise near Ft. Lauderdale, will serve as the processing hub and allow the addition of 50 employees, with 25 being internal, the other 25 external, Theiss said. The company reported it currently operates in Florida and Kentucky, but will soon include Mississippi, North Carolina and South Carolina.
As of mid-October, ResMAE said it has 340 employees — half sales and the other half internal.
“Our Texas facility is already generating considerable volume and the Florida facility will be key to our southeastern expansion,” Abbamonto said, adding that the new centers and its service that allows brokers to submit loans online, “reinforce ResMAE’s commitment to providing … brokers with outstanding service.”
The wholesale specialty residential mortgage lender and servicer, as of the end of September, does business with 4,200 approved brokers, according to Theiss.
ResMAE founders Jack Mayesh, Ed Resendez and Bill Komperda are the former executive management team of Long Beach Financial Corp., Washington Mutual’s subprime arm.
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