iServe mortgage lending department expands, opens new branches
Mortgage banking firm iServe Residential Lending will open new branches mostly along the West Coast as part of its expansion plans. National Asset Direct acquired iServe in June 2009. The lender offers Federal Housing Administration, agency and jumbo mortgages. The new branches will open in three cities in Washington, including Spokane; three cities in California, including San Jose; and another in Gastonia, N.C. The company made new appointments to oversee these branches as well. Gary Hoyer and Mark Loreto were brought in as Northeast regional managers. They will join Allen Friedman and Ken Michael, who currently serve as Western and Southeastern state regional managers. The expansion comes at a time the overall origination market experienced a 35% drop in new loans, breaking three consecutive periods of growth, according to Inside Mortgage Finance. iServe CEO Gary Willis said the lender has the operations and compliance platform necessary to grow in a time of regulatory uncertainty. "It is this unique operating platform, in addition to a strong compensation and benefits program, that allows our mortgage bankers and loan originators to better perform in today’s market by focusing on meeting the needs of their most important constituents — their customers," Willis said. Write to Jon Prior. Follow him on Twitter @JonAPrior.