Consumer banking

California Mortgage Servicer Changes Name, Plans Expansion

By Chris Cumming March 12, 2013, 11:20 a.m. EDT 1 Min Read

Bank of Commerce Mortgage is now Commerce Mortgage.

The West Coast mortgage lender and servicer announced Tuesday that it has changed its name to reflect its new ownership. Last August, Bank of Commerce Holdings (BOCH) in Redding, Calif., sold its 51% ownership stake to Simonich Corp., which owned the rest of the company's stock, for $5.2 million. Simonich is now doing business as Commerce Mortgage.

Commerce Mortgage also said that it plans to open five new offices in the first quarter, in San Diego; Sunnyvale, Calif.; Carlsbad, Calif.; Parker, Colo.; and Colorado Springs. It opened four offices in 2012.

Commerce Mortgage funds more than $1 billion in first mortgages a year. The company was approved last year as a direct seller to Fannie Mae and Freddie Mac, it said Tuesday.

Bank of Commerce retains a funding relationship with Commerce Mortgage. It sold its stake in the company because of regulatory burdens, it said.

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