Atlanta-based mortgage banker Equity Loans is now Equity Prime Mortgage, the company announced on Monday.
The company says that the name change is reflective of its growth into the wholesale and correspondent lending markets, as well as the company’s plans for future growth.
“While the name Equity Loans has served us well, the transformation to Equity Prime Mortgage was sparked by our company’s expansion into new markets and our plans for the future, as we want our name to reflect that change and new divisions of the company,” said Kunjan Patel, CEO of Equity Prime Mortgage.
“After evaluating this decision with several of our customers and employees, we know this is a step in the right direction. We look forward to this new chapter and while our name has changed, we assure our customers that Equity Prime Mortgage will continue to serve them as the same lender they have come to know and trust.”
The company was founded in 2008 and is now licensed in 41 states. The company operates, and will continue to operate, as Equity Home Capital in New York.
The company entered the wholesale market in June 2013 and the correspondent market in December 2013. In addition to establishing a dedicated wholesale team for this new channel, the company created two new executive positions, naming Brian Gillespie and Felix Ortiz as vice presidents of the company’s third party originator production channel.
Equity’s move into correspondent lending marks the second such announcement of the day. Earlier on Monday, Ditech Mortgage Corp. announced its entry into the correspondent lending market.