COLUMBUS, Ohio?( BUSINESS WIRE )?As the mortgage industry continues to reshape itself, award-winning nationwide mortgage lender Residential Finance Corp. (RFC), announces the launch of its retail branching division, ProLending Network . The new division offers branch managers the speed and economic advantages of a large, nationwide lender with the personal service and attention required to build a solid business in today?s marketplace.
?They want to align themselves with a strong banking platform, and that is what we offer.?
The ProLending Network retail branching division officially opened in January 2011 and already has 11 branches opening across the country. Founded in 1997, RFC has established successful origination channels through its call center locations in Ohio and Florida; the branching operation will build on the company?s experience and success. Retail branches will originate loans through RFC?s diversified mortgage banking platform.
?After nearly a year of due diligence and working with the top consultants in the industry, we determined the branching model to be an ideal fit for RFC. It allows us to leverage our award-winning platform of best-in-class banking operations, marketing, technology, training and finance to provide a truly unique and unparalleled parent company for highly experienced branch managers,? said Michael Isaacs, CEO of RFC. ?With ProLending Network, we have been able to combine our extensive mortgage banking experience with the best management team, technology and mortgage industry know-how. The platform gives proven entrepreneurs an option that not only alleviates their risk concerns but gives them the freedom to do what they do best ? develop relationships and originate loans.?
RFC has positioned the company for growth as the mortgage industry continues to recover. The changing market has allowed the company to assemble an experienced and knowledgeable management team, such as industry veteran Daniel Jacobs, selected as president of ProLending Network. Jacobs has more than 16 years of mortgage industry experience, including many as CEO of one of the largest and most successful branching companies of the time, 1st Metropolitan Mortgage. Purchased in 2009, at its peak 1st Metropolitan boasted 200 branches around the country originating four billion dollars per year.
?Our goal was to build the highest quality retail branch platform around the best talent in the industry,? Jacobs said. ?This Dodd-Frank compliant platform has the necessary structure, people and technology to succeed in the new mortgage banking environment and attracts entrepreneurs who want to maintain their relationship-based originations without the risk and hassles of ownership.?
While RFC has built its business on the refinance market with centralized production sites, ProLending Network focuses on purchase business from local originators, Jacobs explained. ?A combination of competitive rates, lightning fast turn times and an operations group that works with originators are the elements required to support relationship-based originations.? The latest group of ProLending Network branches, slated to be fully operational by the end of May, produce an average of 85 percent purchase business. ?These branches are highly experienced, ethical, professional, and ? with their product mix focused on the purchase market, have positioned themselves for continued success in this changing environment. For all of these reasons, they are a great fit for the ProLending Network platform.?
Isaacs said the pedigree of ProLending Network comes from RFC?s very efficient and low-cost model. ?Small to mid-sized brokers and mortgage bankers can find more consistent funding and underwriting with ProLending Network,? he added. ?They want to align themselves with a strong banking platform, and that is what we offer.?
With the use of state-of-the-art technology, ProLending Network?s paperless origination model allows the company
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