California-based mortgage lender New American Funding is increasing its national footprint across the Northeast, Southeast, Midwest, Southwest, and Mid-Atlantic.
Sam Ellsworth will lead the expansion as director of national retail sales, the company said in a statement.
Along with establishing locations in key cities across the country, the expansion effort includes strengthening high-level company leadership, which will enable the company to focus on increasing its foothold in “emerging markets,” the company said.
The lender currently has more than 180 nationwide retail branches. It said it will be looking to hire loan originators and other sales staff.
“We feel the time is right to shift our expansion into overdrive,” Ellsworth said in a statement. “This move will allow the company to help even more families buy their dream home and build a foundation for their financial future.”
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New American Fudinging’s expansion will be led by Kelly Allison, senior vice president of the Southeast region, Miguel Mouriz, regional manager of the central Florida region, Eric Fellows regional manager for Tennessee, Michele Hoefle, regional manager of Virginia, Hamid Hamrah, senior vice president for the Midwest region, Ellysa Cummings, senior vice president of the Great Lakes region, and Jim Bromwell, area manager of the Mid-Atlantic region.
New American Funding captured some headlines in May when it announced a partnership with Las Vegas-based builder Kavison Homes on a new luxury community in Downtown Las Vegas, The Pines in John South Park. Broker Solutions Inc., which does business as New American Funding, originated roughly 104,000 loans in 2020, worth $30.38 billion, according to HMDA data.
In July 2019, New American announced that it would hire as many as 1,000 new employees by the end of the year, which would give it about 4,000 workers in total. The lender said it currently employs about 4,800 workers after a record 2020.
The company’s servicing portfolio stands at 197,000-plus loans for $51.4 billion. New American offers several niche loan products, and began offering non-QM mortgages in 2019 before, like virtually everyone else, pausing such lending during the pandemic.