HomeBridge Financial Service’s new office in the Detroit suburb of Troy is only the start of a huge push by the lender to grow in the area.
The new branch will act as a launching point for additional HomeBridge locations, along with recruiting skilled local mortgage experts throughout Detroit’s tri-county area.
With the new branch opening, HomeBridge hired Miguel Dominguez as branch manager, who brings more than 15 years of lending industry experience to the position.
“Over the years we’ve seen ample opportunity for the HomeBridge way of doing business in the Midwest, but we knew that to do it right, we’d need a support system in place that can handle the demand new branches will generate,” Doug Rotella, executive vice president at HomeBridge, told HousingWire.
“Once we opened an operations center in Oakbrook, Illinois, we had the right resources in place so that new branches can give borrowers the same high levels of customer service HomeBridge is synonymous with nationwide,” he added
The lender’s choice to move into Detroit comes at a time when a lot people are still skeptical of the city.
A recent HousingWire blog dives into the question Is Detroit destined to be the next greatest city in the country or is the city better left a wasteland?
HousingWire itself runs headlines fueling both sides of the argument, which include, “Zillow: Detroit’s housing status is ‘deeply troubling’” and “Is Detroit really the hottest housing market right now?"
Rotella explained that they see a huge growth opportunity for HomeBridge in this area with individual homebuyers, the builder community and with other mortgage professionals as well.
For example, Rotella said that HomeBridge is also one of the top producers of renovation mortgages. “The Detroit area is poised for a great comeback and renovation mortgages can really help make that happen,” he said.
And HomeBridge isn’t the only lender seeing a lot of potential in the city.
Quicken Loans CEO Bill Emerson said, “I think things in the city, especially between downtown and midtown, are doing very well. We have invested a lot of time and energy in these areas. We actually need more homes in those areas. You are seeing all kinds of activity in the street.”
“By no means are we at a place where we can declare victory, but we are clearly making steps in the right direction,” he added.