CHICAGO Prism Mortgage Co., the nations 11th-largest retail originator, said Monday that it had changed its name to RBC Mortgage Co., reflecting its April 2000 acquisition by Royal Bank of Canada.
The company, founded in 1992 as a two-person office in Chicago, has grown to a $17 billion originator. It makes first and second mortgages and home equity loans and employs more than 2,000 people, including 1,200 loan officers in 250 branch offices in 30 states.
Since the Canadian bank bought it the company has been developing products for a wider range of customers. It recently introduced a streamlined refinance product for borrowers in what it described as emerging and affordable housing markets.
RBC Mortgage operates as both a mortgage banker, underwriting, closing and funding loans, and a mortgage broker, offering loan products from more than 150 lenders. Its subsidiaries include Pacific Guarantee Mortgage Corp. of Point Richmond, Calif.; Mortgage Market Inc. of Lake Oswego, Ore.; Valley Financial of Alamo, Calif.; and AmeriCorp Funding of Los Angeles.
