Princeton Mortgage Inc. has begun lending operations separately from its parent, Princeton Bank, after receiving approval from state regulators.
"This will give Princeton Mortgage the flexibility it needs to be an effective and progressive player in Minnesota's home lending market," said Melvin R. Renner, president of Princeton Mortgage. "We plan to be aggressive marketers and offer homebuyers a range of sound financing options."
Mr. Renner said the company was setting some ambitious growth goals, targeting $150 million in origination volume in the next three years. Loan officers will split their time between Princeton Bank branches and their own sales offices.
The company is establishing two loan processing centers, one in St. Paul to serve the Twin Cities and southern Minnesota and the other in Princeton, Minn., to focus on the northern Twin Cities suburbs and counties to the north.
Gregory L. Ettinger, senior vice president of mortgage production, said he intends to make sure that loan officers in the field have a technically sophisticated support system. Loan officers will be able to directly enter loan application information into their laptop computers and then transmit it for prompt review and approval, he said.