Milt Riseman, who headed a fast-growing mortgage business at Advanta Corp., has joined American Business Financial Service Inc. of Philadelphia as chairman of its consumer mortgage group.
Mr. Riseman, 62, left Advanta Mortgage in October.
American Business' home loan units include Upland Mortgage, New Jersey Mortgage and Investment Corp., and the Processing Service Center. Mr. Riseman will also lead the consumer mortgage business for its electronic commerce initiative.
The company originated $210.9 million of mortgages in its third quarter, which ended March 31, and securitized $185 million, 76% more than a year earlier. In addition to lending to consumers and businesses, it sells investment products.
The hiring, announced Wednesday, "is an outward sign of commitment to the company's growth prospects and their dedication to the on-line arena," said Jennifer S. Scutti, an analyst at Prudential Securities Inc.
American Business Financial is licensed to do business in 40 states and plans to add eight within a year, Mr. Riseman said.
The company will also begin national advertising, said Anthony J. Santilli, its chairman and chief executive .
Mr. Riseman said the distribution systems he developed at Advanta can be applied to American Business. He also expressed hopes of expanding his new employer's 10-branch retail system and the broker business of New Jersey Mortgage.
He said he looks forward to the opportunities presented by electronic commerce. "We believe that the whole Internet area is going to be one of significant opportunity," he said.
Mr. Santilli said Mr. Riseman's "tremendous experience in the consumer mortgage group" would be a boon, particularly as the company seeks to expand in electronic commerce.
"One of our goals is to have the premier on-line lending site on the Internet," Mr. Santilli said.
Mr. Riseman was responsible for helping to expand Advanta's home lending operations, especially in home equity. He joined Advanta in 1992 as a senior vice president for administration and became president in 1994.
Before he went to Advanta, Mr. Riseman worked for Citicorp. He was named president of Citicorp Acceptance Co. in 1986.