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| More branches of defunct Central Pacific have found a new home.
About 100 employees made the move to Folsom, Calif.-based Sierra Pacific Mortgage, its President and Founder Jim Coffrini told MortgageDaily.com. Central Pacific had announced it would close a few days before it was to meet payroll late last February citing a lack of funds to operate. American Pacific Mortgage Corp. swallowed about a dozen of Central Pacific’s reported 70 branches, while 16 others made their way to Sierra Pacific. Coffrini said the welcomed addition brings the current employee count for its retail division to 850. Sierra Pacific Wholesale Lending also partners with thousands of brokers across the country, he said. Last year, Sierra Pacific funded $8.7 billion, Coffrini said. And although it’s unknown what volume they will bring to Sierra Pacific’s 2007 total, Coffrini is optimistic. “They have some very good branches that had been with them for a long time,” he said in a brief phone interview with MortgageDaily.com. The company is still looking to add to its family of net branches, he said, but intends to move cautiously. “We are looking to grow in a smart way in this environment,” Coffrini said. “There’s some good opportunity right now but we aren’t going to go hog wild — we want to make sure we don’t overdo it.” About half of the mortgage lender’s volume consists of conforming, 25 percent expanded criteria and 10 percent pay-option ARMs, he said. Net branches and brokers choose to work with Sierra Pacific because of the reliability the company can offer, Coffrini said. “They choose us for the support we give them, we’re consistent, competitive, stable. In a word — reliable, I think people are looking for that right now.” Related: Net Branches Rescued |
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Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry. e-mail Paula at: PaulaParisot@MortgageDaily.com |
