Mortgage Daily

Published On: January 16, 2007

 


Branch Operation Expanding

Superior to add 10-15 branches this year

January 16, 2007
(revised Jan. 18)

By COCO SALAZAR

photo of Coco Salazar
A New Jersey-based mortgage company is branching out.

Superior Mortgage Corp. announced it is “aggressively” expanding its branch partner program, with intentions of establishing multiple operations that will close more than $100 million in loans annually.

Between 10 to 15 branches will be added this year, “with focus on quality, not quantity, in the major markets,” Jason J. Lloyd, senior manager of branch development, told MortgageDaily.com. Currently, the multi-state lender reportedly has over 35 offices.

With the new branches expected to generate about $0.5 billion in volume, the company projects production will increase to $2.0 billion this year from $1.5 billion last year, Lloyd said.

The branch openings are also expected to create about 100 jobs consisting of branch managers, originators, processors and support staff to handle backroom operations for the increased volume, Lloyd added.

To date, Superior has grown its branch partner program primarily on the eastern seaboard.

The program offers branches a “highly competitive” compensation and benefits package, support services and exclusivity in their market. Branch partners, or managers, can earn 100 percent of the branch’s profits, and choose their location, originators, processors, and product line, according to the announcement.

“Leveraging the success of our branch program over the past nine years, we feel the time has come to enter other areas of the country with high growth potential,” stated George J. Allen, senior vice president of branch operations, in the announcement. “We have the infrastructure and capacity to attract and retain larger operations that bring in $100 million+ per year and are looking for leaders who can help us achieve this as we expand.”

Superior offers branches a product menu that includes FHA, VA, conventional, Alt-A, jumbo, and subprime loans, as well as in-branch corporate training, lead generation services, and support services such as marketing, compliance, accounting, underwriting, closing, post closing, risk management, human resources, sales, operations, and technical support, according to the announcement.

“I am confident that our expansion will be highly successful,” Lloyd said in a written statement. “To survive in today’s competitive mortgage market, a company needs to have lightening fast turnaround, a large array of products, frontline control, and compensation programs that can retain the industry’s best. Superior Mortgage has all four.”

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