Mortgage

River City Mortgage plots expansion into 8 new states

Carrington Mortgage Services President Ray Brousseau will lead expansion

River City Mortgage currently operates in Ohio, New Jersey, Washington D.C, Indiana, Washington, Kentucky, Virginia, Tennessee, Florida, Pennsylvania, Maryland, Colorado, California, Illinois and Georgia, but the company is plotting an expansion to eight new states.

The company, which acts as both a mortgage lender and a mortgage broker, announced this week that it plans to expand to Oregon, Massachusetts, Vermont, Rhode Island, Connecticut, Delaware, Maine and New Hampshire.

Leading the expansion will be Ray Brousseau, who previously served as president of Carrington Mortgage Services for the last eight years. Before joining Carrington, Brousseau was a senior executive with Citigroup for 25 years.

At River City Mortgage, Brousseau will serve as executive vice president, strategy and expansion. Brousseau also came on board as a partner in the mortgage company.

In these roles, Brousseau will lead River City’s growth efforts across the country and oversee the launch of the company’s new Massachusetts facility.

“We’re excited about expanding coast to coast from Oregon to Maine,” said Nick Hunter, River City’s managing partner and chief operating officer.

“Our success is due to making people our #1 priority. When this becomes more than just words – when it becomes a practice – good things happen. Relationships are built,” Hunter added. “Ray Brousseau understands this commitment and we’re all ecstatic to have him as part of our team. He will without a doubt teach us, mentor us, and more importantly, help increase our reach to help even more Americans with their refinancing or purchase goals in 2020.”

Hunter founded River City Mortgage in 2008 along with Dan Hutzelman, who serves as the company’s CEO.

Just as many in the mortgage industry have experienced this year, River City is on track for a big year.

“Loan volume and referrals in all states tripled this year. Loan volume is expected to top $600 million in 2019 – a virtual quadrupling from the $162 million in volume just last year,” Hutzelman said. “With Ray Brousseau leading operations in the northeast, and driving expansion across the nation, we expect loan volume in 2020 to reach nearly $1 billion.”

Beyond adding Brousseau, River City also added Tim Hoy as senior vice president of expansion. Hoy was most recently vice president of retail sales for Carrington Mortgage Services, and will be overseeing the launch of a new River City facility in Hunt Valley, Maryland.

And with Brousseau and Hoy in place, River City is ready to continue growing.

“My goal is to help accelerate the already impressive growth and scale of River City Mortgage across the nation,” Brousseau said. “What I learned after meeting with owners Nick Hunter and Dan Hutzelman, was that their success comes down to leadership, tangible client care, and an undeniable team culture. With platforms for inside, outside and remote loan officers, we’re looking forward to sharing our unique DNA and marketing prowess with loan officers similarly dedicated to excellent customer service.”

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