Mortgage Brokerage Seeks To Become Mortgage Lender

tropolitan Mortgage, a national mortgage broker headquartered in Charlotte, N.C., has announced its plans to become a subsidiary of Mirad Financial Group, a wholly owned subsidiary of Hestia Financial. This transaction, which requires regulatory approval, will enable 1st Metropolitan Mortgage to become a mortgage lender. ‘We started positioning our company to make the transition from a broker to a direct lender last year,’ says Daniel H. Jacobs, president of 1st Metropolitan Mortgage. ‘This transaction demonstrates that the smart investors are finding new opportunity in and are migrating back into home lending. With more conservative lending practices prevailing, now the future looks bright for mortgage lending. We always said that if market conditions mandated it, we would transition to become home lenders and now is the perfect time.’ As part of the transaction, Mirad will relocate its headquarters from Escondido, Calif., to Charlotte, while 1st Metropolitan Mortgage's branches and corporate management team will remain in place as its transition from brokers to retail mortgage bankers within the Mirad family. The company expects the vast majority of its originations to go through its mortgage banking platform, recognizing certain loans may still be brokered, as needed. SOURCE: 1st Metropolitan Mort

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