Fremont Bank's First Year of Wholesale Lending Originates $950 Million in Residential Financing; Helps California Residents Purchase and Refinance Homes
Bank's wholesale mortgage division expands throughout California
to further support local mortgage brokers and lenders.
- San Francisco, CA (1888PressRelease) March 16, 2011 - Fremont Bank, a leading full-service mortgage lender in California, recently announced the first year results of its wholesale mortgage division-ending 2010 with $950 million in residential financing, with approximately $400 million originating from its new Southern California operation in Aliso Viejo. The wholesale lending division was a key component to the Bank's residential funding growth from $4 billion in 2009 to more than $4.5 billion in 2010-a 12.5% increase.
Fremont Bank entered into wholesale lending in late 2009, partnering with local, approved mortgage brokers to fund loans and increase its mortgage lending capabilities throughout California to help residents refinance and buy homes.
"We remain financially strong and the high quality of our credit has helped us partner with local mortgage brokers and lenders to make them competitive in their respective California markets," said Brad Seibel, Fremont Bank's director of residential lending.
In addition to Fremont Bank's Southern California Residential Lending Center, the bank also opened wholesale operations in Danville (Northern California) and Roseville (Central Valley), and is looking to further expand in California and other neighboring states.
"It is so refreshing and encouraging when we use a wholesale lender that truly has the positive 'let's help the broker' attitude," said Tim Alman, mortgage broker from Sierra Western Home Loans. "Fremont Bank brands itself as one of the absolute best choices for fast funding. In this 'pushing mud uphill' industry, Fremont Bank has positioned itself ahead of the pack."
The success of the wholesale mortgage division comes on the heels of Fremont Bank's recently announced 2010 financial results that reported its second best year ever in residential mortgage lending. Over the past two years, Fremont Bank has helped more than 30,000 families finance or refinance their homes.
"Wholesale lending continues to be an important strategy for us and our strong commitment to residential lending," said Fremont Bank's President Andy Mastorakis. "The remarkable 2010 earnings performance, coupled with our impressive residential funding growth, better positions us financially to service our valued clients and the many communities we serve."
About Fremont Bank
Fremont Bank (www.fremontbank.com) is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 19 branches and seven additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank's business. Accommodation of customer needs in a friendly, personal atmosphere characterizes the Bank's culture.
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