ATLANTA'S LARGEST RESIDENTIAL LENDER BECOMES PART OF NATIONAL TOP TEN.ATLANTA--(BUSINESS WIRE)--June 7, 1995--HomeBanc Mortgage Corporation, Atlanta's leading residential lender since 1992, announced today an agreement with First Tennessee This article or section has multiple issues: * Its neutrality is disputed. * It reads like an advertisement and needs to be rewritten in a neutral point of view. * It may require general cleanup to meet Wikipedia's quality standards. Bank Assoc., one of the nation's top residential lending companies, to acquire certain assets of HomeBanc Mortgage. Patrick S. Flood, who will assume the presidency of HomeBanc Mortgage effective with the closing, said, "The mortgage banking industry is clearly in transition. In order for HomeBanc to continue to grow into the future, we felt that an affiliation with a large national concern was in our best interest." In 1994, Forbes Magazine named the Memphis-based banking company as the "Rising Star" in the area of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . The company has expanded its mortgage franchise across the nation, and HomeBanc positions First Tennessee as a significant Southeast mortgage originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting . "This union maximizes both companies' strengths," said Flood. "It allows for local autonomy of HomeBanc's marketing and market management with cost savings and support that a national originator brings. As one might expect, I am thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. with the possibilities," said Flood. Ken Glass, president of the Tennessee banking group for First Tennessee overseeing the company's mortgage business, agreed and said "Our goal is to provide a centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. of back room services for HomeBanc such as loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and accounting, while leaving local management intact to concentrate on increasing production." HomeBanc Mortgage Corp. has been growing for the past six years. It has increased its lending figures from $100 million in 1988 to $600 million in 1994. In addition to being the largest residential lender in Georgia, it has also opened two successful Florida operations in Deerfield Beach Deerfield Beach, town (1990 pop. 46,325), Broward co., SE Fla., on the Atlantic coast; inc. 1925. The development of high-technology industry and commerce expanded the town and more than doubled its population between 1970 and 1990. and Orlando. Flood said that additional growth was probable for HomeBanc not only in Florida and Georgia but also in selected other locations throughout the Southeast. The transaction is expected to close on July 1, 1995. CONTACT: HomeBanc Mortgage Corporation, Atlanta Barbara Aiken, 404/303-4182 Andrea Back, 404/303-4280 |
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