Mortgage Daily Logo
mortgage news from industry experts

Net Branch Companies Tout Growth

Net Branch ShuffleRecent net branch activity

March 12, 2008


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

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 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


next story

back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts