FOLSOM, CA, March 18, 2013 /24-7PressRelease/
-- Sierra Pacific Mortgage has released their final results for 2012 which showcase a banner year for the national mortgage banking leader. With 312% growth in Retail production in 2012, Sierra Pacific Mortgage has validated its retail banking strategy, capitalizing on its dominance in the wholesale mortgage marketplace.
Sierra Pacific set a company record with over 25% of their funding coming from retail originations, and funded over $2 billion in retail production in 2012. Mr. Chuck Iverson, company Vice President states "Our move from 8% retail to over 25% shows our commitment to growing our national retail presence. This is not a move away from wholesale as we continue to grow our national wholesale market share, but we see an even bigger opportunity in the retail sector."
In 2012, Sierra Pacific was also named a "Top Tech-Savvy Lender" for the third year in a row by Mortgage Technology magazine. "It is an honor to be named again by Mortgage Technology magazine," explained Jim Connell, CIO of Sierra Pacific Mortgage. Today's mortgage industry requires an intense and ongoing effort to ensure that we are providing innovative, state of the art, compliant and resilient systems. We are committed to providing our company and partners with the best technology platform in the industry."
During 2012, Sierra Pacific Mortgage also made several moves designed to further strengthen the already highly regarded senior management team, as well as to put operational infrastructure in place to support the rapid growth in both retail and wholesale markets.
Mr. Bill Ballew was hired to head up Sierra Pacific's Correspondent Lending product design and operations. The company plans on launching this division in mid-2013. "Due to possible side effects in various facets of the market from new compliance regulations, Sierra Pacific feels we must be an active participant in all of the major channels", said Mr. Iverson. "We are particularly excited that Bill has joined us as he is a highly thought of leader and innovator in the field of correspondent lending."
Introducing the Correspondent lending division enables Sierra Pacific to roll out correspondent services within its existing distribution facilities. This provides additional services to Sierra Pacific customers without adding significant expenses to the company. It also provides a further hedge against compliance risk in the wholesale channel.
Sierra Pacific Mortgage also added Mr. Lonnie Adams to its senior management team as the Vice President, Capital Markets. Lonnie has held senior capital markets roles for companies for over 20 years and has helped move the company's agency fulfillment strategy. Sierra Pacific began a direct agency sales and servicing platform in 2012 and is currently servicing over $4 billion in agency loans. Mr. Adams is also spearheading efforts for a full FHLMC and GNMA integration.
To support its rapidly growing operations, Sierra Pacific Mortgage also opened two new major fulfillment centers in 2012 for retail and wholesale in Tampa, FL and Boston, MA. These new fulfillment centers allow regional coverage for all major markets in the country.
To effectively manage its rapid growth across all channels and markets, Sierra Pacific Mortgage moved it's company headquarters to a new 30,000 square foot facility in Folsom, CA.
"We look forward to 2013 being a banner year for Sierra Pacific Mortgage and our partners" said Mr. Jim Coffrini, President & CEO of Sierra Pacific Mortgage. "We are fortunate and gratified by our ongoing success, and look forward to continue delivering quality products and superior service to our customers."
About Sierra Pacific Mortgage:
Sierra Pacific Mortgage is a leading national mortgage banking company, based in Folsom, CA and serving the retail, wholesale and correspondent mortgage banking markets in 47 states through 11 regional fulfillment centers. Sierra Pacific's mission is to deliver consistent, competitive pricing, and to provide their customers the finest experience through streamlined systems, the best industry tools, effective communication, and superior customer service with every branch, every day.
For more information or to contact Sierra Pacific Mortgage, call (916) 932-1700. Please send all correspondence to Sierra Pacific Mortgage, 1180 Iron Point Road, Suite 200, Folsom, CA 95630.
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