IRVINE, Calif. - Preferred Mortgage Corp., which specializes in home equity loans, is expanding into Colorado through the opening of an office in Aurora, near Denver.
Todd A. Rodriguez, chief executive officer, said: "With the opening of our Aurora office, Preferred Mortgage now lends in most western states and plans to continue its expansion in the remaining states within a five-year period."
Last year, Preferred introduced home equity loans of up to 100% of the value of the collateral property. Mr. Rodriguez said this product helped the company to grow by 300% in the last year. Equity loans now constitute about 80% of the company's fundings, he added.
The company has 10 origination offices. It funds its loans under the name TAR Preferred Mortgage, according to an announcement.
The new office will offer a variety of residential loans in addition to its equity specialty. ***
CUB Funding Corp., Calabasas, Calif., has expanded in California and Nevada by buying the western mortgage origination offices of Railroad Savings Bank of Wichita, Kan.
The purchase includes five California retail offices - in Laguna Hills, Upland, Ventura, Los Angeles, and San Jose - and a wholesale operation in Las Vegas. The offices will continue to do business under the name RSL Mortgage.
RSL brings a substantial business in government loans, a market CUB had not previously served. CUB is a unit of Republic Bancorp, Ann Arbor, Mich.
No servicing was included in the sale.