Bank's First Year of Wholesale Lending Originates $950 Million in
Residential Financing; Helps California Residents Purchase and Refinance
Bank's wholesale mortgage division expands throughout California
to further support local mortgage brokers and lenders
FREMONT, California - March 15, 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.