SourceOne Mortgage Services Corp. has beefed up its management team by naming Michael C. Allemang chief financial officer. He had been vice president and treasurer of Source One's parent, New Hampshire-based Fund American Enterprises.
Fund American was formed several years ago from Fireman's Fund Insurance Co., then owned by American Express. The new company sold the Fireman's unit to Allianz, the giant German insurer, in 1990.
A Leading Mortgage Servicer
A few weeks ago, the company spun off 75% of White River Corp., an investment holding company, to shareholders. That left SourceOne as its principal business.
SourceOne is one of the top 10 mortgage servicers in the country. It says its portfolio now stands at about $36 billion, and the company is eager to build both originations and servicing.
Mr. Allemang was a senior vice president for corporate planning at Fireman's Fund before joining Fund American.
A little over a year ago, Accubank Mortgage Corp., Dallas, was still in the hands of the Resolution Trust Corp. In two years under RTC stewardship, it showed no growth.
Now Accubank is opening correspondent and wholesale lending offices in Arizona, California, Colorado, Florida, Illinois, and Texas.
"This is the beginning of a new era for Accubank," said William R. Starkey Sr., chairman, president, and chief executive. Mr. Starkey became head of Accubank when it was bought from the RTC by a group of investors that included Interamericas Investment Co., Woodlands, Tex. Interamericas has since become the major holder.
While declines in refinancings are widely expected, a strong wholesale network would improve Accubank's access to purchase mortgages.
The new offices will be headed by John D. Hollister, senior vice president, who had previously been with Lumberman's Investment Corp. and Lomas & Nettleton.
U.S. Housing Markets, a publication of Lomas Mortgage USA, says the third quarter was the best for builders of single-family homes since 1986.
In a flash report, Lomas said every area of the country except California showed year-to-year increases in building permits. So far this year, building permits have risen 6.6% nationally, the report noted.