Changes in the financial industry prompts Sacramento Region firm into banking

Shift from mortgage broker to mortgage banker provides advantages to consumers, means for local firms to re-capture market share in the mortgage lending industry and serves as an example of innovative partnerships to counteract economic recession.
By: Donna Chabrier of Outside In
 
May 10, 2010 - PRLog -- Capitol Mortgage Leading the Trend of Mortgage Brokers Getting into Banking

ROSEVILLE, California -- Capitol Mortgage announced its partnership with Pinnacle Capital Mortgage Corporation headquartered in Folsom, CA.  Together they are a direct lender solving consumer and Realtor needs for a guarantee on faster turn-times and better communication. Capitol Mortgage will now be equipped with in-house funding and underwriting for smoother transactions.  This partnership was developed to counter the ongoing complexities of underwriting in today’s restrictive loan origination environment.
Capitol Mortgage garnered success over the last ten years as consumers began to widely accept and utilize mortgage brokers as an alternative to banks and a means to a more personalized relationship inclusive of excellent customer service, product flexibility and the best rates.  Since the 90’s, Capitol Mortgage and other brokers in the region provided nearly 75% of all loan originations, leaving only remnants for banks.  With de-regulation and the explosion of subprime loans, the real estate market eventually collapsed.  Now the pendulum has swung once again in favor of big banks.  During 2009 the ongoing blame game of who was responsible for the industry collapse led many of the big banks to end practices with mortgage brokers all together.  

Capitol Mortgage’s decision to enter the mortgage banking industry as a direct lender is in response to consumers reverting to the trends of the 70’s and early 80’s where loan originations where predominantly with a bank.   “We are very excited about our partnership with Pinnacle Capital.  We see it as a mutually beneficial relationship that will allow us to not only survive but to thrive in this market.  We can now offer our clients in-house underwriting, closing and funding.  This, along with access to ongoing training and support, will serve our clients, Realtors, and other referral partners,” said Greg Teeter, General Manager of Capitol Mortgage.  “It’s a great opportunity to offer the best of both worlds.”  

Unlike a federally chartered savings bank, Capitol Mortgage as a mortgage bank will only be making mortgage loans not taking deposits from customers. Their funds come mostly from the secondary market such as Fannie Mae and Freddie Mac. As a mortgage bank, Capitol Mortgage will operate under the different banking laws applicable to each state they do business in.

“Our partnership with Capitol Mortgage is based on their industry experience, reputation and a long-standing working relationship with them. Pinnacle’s goal is to utilize our retail partner platform to recruit quality originators,” said Dave Striplin, Senior Vice President of Loan Production at Pinnacle Capital Mortgage.  “We know that Capitol Mortgage has the processes, experienced loan officers and client relationships in place that will benefit by offering mortgage banking services.  We see this as a long-term partnership that will be to the advantage of both companies and client bases.”

About  Capitol Mortgage
Capitol Mortgage opened for business in June 1999.  It has over 35 years of combined lending experience by its principals.  Our offices are located in Roseville and Lodi, CA.  Capitol Mortgage takes pride in providing excellent personalized customer service at competitive prices.  By combining high tech with high touch we are able to use the latest technologies while making sure that we communicate with each client throughout the process.  As a full service mortgage banker/broker, we have access to many different investors and programs available.  We offer programs that include conventional, jumbo, and government (VA, FHA/HUD) financing.  Capitol Mortgage is committed to being a professional and productive company that still has the family feel.

About Pinnacle Capital Mortgage Corporation
Pinnacle Capital Mortgage Corporation, Wholesale Division is headquartered in Folsom, California, with additional production centers located in Concord, California and in Lake Oswego, Oregon.  The firm currently lends in Arizona, California, Hawaii, Idaho, Nevada, New Mexico, Oregon and Washington.  Pinnacle Capital was founded in 2008 and has gained an excellent reputation in the mortgage banking field.  The foundation of the firm is in providing solid customer service with intent to continuously move and adapt within the boundaries of the industry, while providing innovation in the way they offer service.

Contact: Donna Chabrier
donna@outsideintoday.com
(916) 770-0210R
End
Source:Donna Chabrier of Outside In
Email:***@outsideintoday.com Email Verified
Zip:95747
Tags:Banking, Finance, Mortgage, Real Estate, Sacramento, Roseville, Capitol
Industry:Banking, Financial, Real Estate
Location:Roseville - California - United States
Account Email Address Verified     Disclaimer     Report Abuse



Like PRLog?
9K2K1K
Click to Share