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“Commerce Home Mortgage has built a sales machine and culture that is second to none,” said Faramarz. “By working closely with our great staff to maximize efficiency and productivity, we have created an environment where everyone can really thrive. I truly look forward to sharing this with best and brightest in the business.”
Scott Simonich, Founder and CEO of Commerce Home Mortgage, added “We are confident Faramarz will make an immediate and substantive impact for all our originators. His unique understanding of technology and mortgages along with his ability to communicate effectively makes him the perfect selection for this vital role. We look forward to seeing Faramarz build on the solid foundation already in place to help all of our loan officers be as successful as possible.”
“Commerce Home Mortgage’s new branch locations will allow us to strengthen our coverage and leadership across the West Coast and now in Florida and in the Southeast,” said Mario De Tomasi, Chief Financial Officer for Commerce Home Mortgage. “Our goal is to continue to grow in our existing territories and expand into other states while maintaining the high quality of service and attention to our clients that we are known for. We are excited about the growth we are experiencing and the expansion represents a commitment to continue to build on the success of our team.”
In addition to the six new branch locations opened in 2014, Commerce Home Mortgage is planning to open a new location in Berkeley, CA the first quarter of 2015.
Benefits of the partnership include the ability to better understand their respective clients’ total financial picture and insurance needs and to deliver customized “best fit” insurance products and services to clients at competitive prices. Balboa Pacific is a trusted insurance consultant that provides “A-rated” insurance products through some of the largest and most respected US insurance carriers. They guide their clients to secure the best possible coverage for all areas of their life and manage their full portfolio of insurance products efficiently through one company. As a result of the partnership, Commerce Home Mortgage will begin offering Balboa Pacific’s services early in the loan origination process, making it easy and convenient for their clients to obtain the best and most cost-effective homeowner insurance coverage to match their needs.
“It makes a lot of sense to be able to offer this personalized service to Commerce Home Mortgages’ customers,” said Mario De Tomasi, Chief Financial Officer of Commerce Home Mortgage. “Our goal is make the entire lending process, and all of the needs that accompany it, as easy and convenient as possible,” De Tomasi said.
Balboa Pacific was founded in 2013 by insurance and mortgage industry veteran Joe Stanovich in Irvine, California and provides a wide array of insurance services, such as Auto, Home, Commercial, Life, Health, Flood, Condominium and Renters insurance. After many years working in both the insurance and mortgage industries, Mr. Stanovich saw the opportunity to provide value to clients by providing a high quality one-stop shop with excellent customer service for all insurance needs at the same price point as “A rated” carriers.
“I am excited to deliver a variety of the same great insurance products and rates from many of the large insurance carriers all in one place, with the seasoned expertise, extra care and customer service strategy of your local agent, always available when you need them,” Stanovich said.
Commerce Home Mortgage is headquartered in San Ramon, California and serves customers from a wide range of locations throughout Arizona, California, Colorado, Nevada and Florida. Since 1994, the company has funded more than $10 billion of loans, delivering highly competitive financing with the utmost attention to personal service. With a strong, stable reputation in the real estate finance industry, Commerce Home Mortgage serves the lending needs of individual homebuyers, real estate professionals and builders throughout the Western United States. Its in-house underwriting and in-house documents and funding, allows loans to be approved within hours and funded within days.
For more information, please visit www.commercehomemortgage.com and www.balboapacific.com.
“We are extremely pleased to have passed Ginnie Mae’s stringent eligibility requirements to be designated one of less than 400 approved single-family GM issuers across America,” Commerce CFO Mario DeTomasi said. “This is another step in the evolution of our company and it demonstrates our overall strengths as well as our strong commitment to providing the highest level of service at the most competitive pricing.”
The program’s strict approval process is designed to assess a candidate’s organizational, procedural, financial and quality control processes. Having received the green light on all these aspects of its business, Commerce may now work directly with Ginnie Mae to securitize mortgages insured by the Federal Housing Administration and guaranteed by Veterans Affairs.
Ginnie Mae grants approved lenders permission to provide competitive loan pricing in the secondary mortgage market.
“As a market leader, we are excited to be able to participate in the expansion of affordable housing opportunities. We can, now more than ever, deliver on our mission to help our clients achieve their homeownership dreams” said DeTomasi.
Originally founded in 1994 by Simonich Corporation and Bank of Walnut Creek, the company was rebranded as Commerce Home Mortgage in 2013. Since its inception, Commerce has helped thousands of clients achieve their real estate dreams. Individual homebuyers as well as real estate professionals and builders have come to rely on Commerce for its in-house underwriting, document production and funding – offerings that result in rapid approval and financing. Certified GOLD by the Green Business Bureau, Commerce is an environmentally minded firm that prioritizes sustainability through paperless workflow and eco-friendly business practices.
Commerce Home Mortgage weathered an industry meltdown by eliminating the practice of funding stated income and sub-prime loans, significantly reducing risk of defaults in its portfolio. By 2008, it received Full Eagle status from the Federal Housing Administration and Housing & Urban Development organizations, allowing the mortgage originator to grow its market share. In 2010, the annual loan originations of Commerce Mortgage had surpassed $825 million. Showing exponential growth by 2013, its annual originations increased to $1.8 billion in its retail division. This year, the company has entered the wholesale lending channel, headquartered in Irvine, Calif. and spearheaded by financial industry veteran, Shabi Asghar.
“The evolution and growth of Commerce Home Mortgage over the past 20 years could not have been possible without the dedication and integrity of our team,” expressed Scott Simonich, CEO and founder of Commerce Home Mortgage, at the company’s celebratory dinner last month. “The industry intelligence of our mortgage professionals is one of the company’s assets for which I am most grateful.”
CAMP is an organization of mortgage brokers and affiliated service providers who act as consumer advocates, linked together to create greater options in the mortgage selection process. As president of OC CAMP, Asghar will lead the organization of consumer advocates members to establish a diverse network of mortgage professionals in Orange County to make home ownership possible through a wide array of programs.
Asghar has worked in the financial services industry since receiving his Bachelor of Science in Business Management from California State University, Northridge in 1986. A southern California resident since 1980, Asghar aimed his focus on the mortgage industry in 1992, and became an industry wholesale division president three years later. He went on to launch and grow several successful mortgage companies, utilizing his expertise in the management of wholesale origination and production.
“OC CAMP’s mission is completely aligned with that of Commerce Home Mortgage, so it comes as no surprise that Shabi will help lead both organizations toward their common goal,” states Scott Simonich, CEO of Commerce Home Mortgage. “Simply put, we all want to get people back into homes.”