On of the country's largest independent mortgage companies, ""Mortgage Master, Inc."":http://www.mortgagemasterinc.com/, has opened its first office in Manhattan. MMI cites the city's relatively resilient housing market as the catalyst behind its recent expansion in New York.[IMAGE]
The Manhattan branch will serve the Tri-State area, which includes Connecticut, New Jersey, and New York, and Massachusetts-based MMI holds licenses in all three states.
Additionally, the company is licensed in more than 20 states nationwide and boasts bricks-and-mortar locations in nine of the 20 operating areas.
MMI estimates that it sells approximately $6 billion in loans annually, and the financial entity also has a strong presence in the refinancing sector.[COLUMN_BREAK]
Commenting on the move, MMI's Manhattan leader, Marc Kunen, said, ""The Manhattan housing market has been remarkably resilient. Establishing a foothold in the city will allow us to compete as one of the lowest cost providers and avail those savings to our customers.""
Kunen elaborated on his optimistic approach, adding, ""There are an awful lot of people poised to buy right now.""
Kunen recently joined MMI to open its latest office, and he was previously with GFI Mortgage Bankers as a managing director for the entity's Manhattan branch, helping grow GFI's residential mortgage division to a $200 million enterprise.
MMI's CEO, Leif Thomsen, also weighed in on the company's newly opened location, stating, ""Our company has been successful because we open offices in markets like Manhattan where we know we are dealing with a stable, reliable community of borrowers. The housing market is growing in the Metropolitan area, and we want to contribute to that growth by offering low cost loans to the community.""
MMI's Manhattan office boasts a tony address, located at 590 Madison Avenue, and its corporate headquarters remain in Walpole, Massachusetts. Also of note, MMI employs more originators named to the annual Top 200 loan officer list than any other U.S. lender, in terms of dollar volume.