A new residential lender has opened for business in Pennsylvania and has plans to provide home loans in four states.
On Tuesday, First Commonwealth Mortgage opened its doors and began accepting new loan applications for purchase financing and refinance transactions.
Operating from Wexford, Pa., the new home lender will initially originate loans secured by properties that are located throughout Western Pennsylvania.
But, according to a July 14 announcement from parent First Commonwealth Bank, the lender plans to expand to Maryland, Ohio and West Virginia.
The company finances primary and secondary residences as well as one-to-four unit investment properties.
Stan Foraker has been tapped as executive vice president of mortgage banking to oversee the new business.
Since March 1984, Foraker has held positions at Fifth Third Bank, The Home Savings and Loan Company of Youngstown and State Savings Bank, according to his LinkedIn profile.
Other executives overseeing First Commonwealth Mortgage include Paul Snyder, vice president – secondary marketing manager; Constance Lawrence, mortgage operations manager; and Andrew Dodd, residential mortgage sales manager.
The initial staff of 25 employees also includes underwriters, closers and processors. Loan originators are located throughout the bank’s 110 retail branches.
