First Mortgage Corp. moves headquarters to Ontario, Calif.
First Mortgage Corp. moved its corporate headquarters to Ontario, Calif., from Diamond Bar, Calif., to accommodate the growth the company has experienced in last few years. The firm's new building, purchased by FMC's parent company Fin-West Group a year ago, is 68,000 square feet and houses FMC's administrative offices, 330 employees as well as its origination, processing, underwriting, document and funding services. FMC president Clem Ziroli said the firm has grown so much because of the demographic that it lends to. "Our ability to underwrite, fund and securitize our loans allows us to offer financing to borrowers with FICO scores 640," Ziroli said. "Based on our research, at least one-third of Americans have a FICO score below 640 and we believe that number is substantially higher in areas such as the Inland Empire" where FMC is based. FMC is a direct lending mortgage banker established in 1975. It is one of the top 50 largest servicers of Federal Housing Administration loans in the U.S. and one of the top 100 originators of FHA loans in the U.S. The firm currently services a loan portfolio of more than $2.5 billion and more than 13,000 loans. Write to Christine Ricciardi.