RPM MORTGAGE RANKS SECOND IN BAY AREA LENDER MARKET SHARE
Dataquick statistics released this week confirm RPM Mortgage, Inc. (RPM) was the second most active lender to home buyers in the nine-county San Francisco Bay Area for August and September. Wells Fargo was first and Bank of America was third, making RPM Mortgage the only privately held mortgage lender in the top three.
“We are pleased to see that our relationships with the top tier Wall Street firms have helped us to create jumbo mortgage liquidity for a market that has been starving for such a product,” said RPM CEO Robert Hirt. “The purchase market, especially around jumbo loans, is extremely active and it is refreshing to see such a vibrant market again after such a long dry spell.”
RPM posted a record production month in August with 1,695 loans locked and over $618 million funded. September was not far behind with $549 million in fundings, $45.7 million of which were jumbo loans, and an average of 101 loans locked per day.
RPM anticipates production of around $650 million for October and expects to close well over $6 billion by the end of the year – an increase of 26% over 2011 production of $4.4 billion.
In the past year, RPM has added seven new branches and 77 new loan agents to its sales force. Many of these new locations are in the Pacific Northwest, a new geography that RPM hopes to build as strong as its presence in the Bay Area.
In order to support the company’s rising production, the company has bought and reconstructed two buildings in Alamo, returning the corporate headquarters to where the company first began back in 1986. The new corporate campus will include the internal mortgage banking staff, support teams and a selection of top loan agents.
RPM Mortgage, Inc. is based in Walnut Creek, California and is a private, family-owned mortgage banker and broker whose roots in the Bay Area stem back to 1986. RPM has over 60 branches and can lend in California, Nevada, Texas, Colorado, Oregon, Washington and Idaho and has over 700 loan agents and employees. RPM Mortgage is a retail only lender and a direct seller and servicer of Fannie Mae loans. RPM’s loan agents are specially trained to offer Jumbo, FHA and VA loan programs to their customers. They work with borrowers, realtors, CPA’s, financial planners, attorneys and financial consultants to provide home buyers and owners with the best financial solutions in the market today.
For more information about RPM Mortgage, please visit www.rpm-mtg.com.
For more information about Dataquick, please visit www.dqnews.com.