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Sierra Pacific Mortgage Branches Fund more than 100 Million Dollars in Loans in 2018

Folsom, CA, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Sierra Pacific Mortgage Company, Inc. is honored to announce that two branches each funded more than 100 million dollars in loans in 2018! Together, the Bakersfield, CA branch, led by Branch Manager, Kevin Gonsalves and the Las Vegas, NV branch, led by Branch Manager Franco Manueli, helped more than 900 homeowners throughout the country.

On funding more than 100 million dollars in loans, Vice President of Retail Lending, Jay Promisco said, “We’re very proud of our branches in Bakersfield and Las Vegas for being leaders within the company and industry. Their dedication to their communities and providing homeownership opportunities is evident in the work they do and the relationships they build with their customers every day.”

Throughout 2018, Sierra Pacific Mortgage helped nearly 14,000 homeowners purchase or refinance their home. The company is grateful to help so many people achieve the American Dream of homeownership.

Mr. Cooper acquires Pacific Union Financial | 2019-02-04

According to details provided by Mr. Cooper, Pacific Union’s servicing portfolio is approximately $25 billion.

Mr. Cooper said that the acquisition is also expected to add $10 billion in mortgage originations on an annual basis, approximately 80% of which are purchase mortgages.

Pacific Union has correspondent, wholesale, and servicing divisions, all of which will become part of Mr. Cooper.

According to Mr. Cooper, the deal will allow the nonbank to expand its originations platform to include delegated and non-delegated product offerings.

The deal brings a tough chapter in Pacific Union’s recent history to a close.

Back in July, Pacific Union  unexpectedly closed the doors  to its mortgage fulfillment call center, leaving the city of El Paso, Texas short 699 jobs that were promised to the city.

And that wasn’t Pacific Union’s first branch to close. The company previously closed two offices in California, due to the challenging mortgage market conditions.

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