Printer Friendly

PLAZA HOME MORTGAGE TO OPEN OFFICES IN THREE NEW STATES; GEOGRAPHIC EXPANSION INTO RESURGENT LENDING MARKETS CITED

 SANTA ANA, Calif., Nov. 30 ~PRNewswire~ -- Plaza Home Mortgage Corp. (NASDAQ: PHMC) today announced it will open three additional loan origination offices as part of its commitment to increase market share nationwide through geographic expansion.
 Plaza, which ranks as the eighth-largest originator of residential loans in California, operates a network of 19 wholesale and retail loan offices in California, Arizona, Florida and Oregon.
 The new offices, expected to be opened and operational in the first quarter 1993, will be located in Seattle~Tacoma, Wash.; Houston; and Massachusetts, serving five New England-area states.
 Jack French, chairman and chief executive officer, said, "After considerable study and evaluation, we have selected the SeaTac, Houston and New England markets for having excellent potential to participate in an expected resurgence in sales of new and existing homes which would stimulate mortgage lending.
 "Additionally," French continued, "we have determined the Seattle~Tacoma, Houston and New England real estate markets are all served by a highly professional and productive pool of independent mortgage brokers, a factor vital to the success of our operations. The three new offices will be full-size wholesale origination offices with 20 to 25 employees.
 "With our experience of having opened 10 wholesale offices in four states, we have refined our formula for getting the offices up and running at solid productivity levels in a short period of time. The new offices will be brought on line with the proprietary in-house loan processing system we will be implementing in early 1993, enhancing the speed and level of service we can provide mortgage brokers.
 "The new offices are part of our strategy to continue to build our loan origination volume through expansion. We intend to open additional offices later in 1993 as market conditions allow," French concluded.
 Plaza Home Mortgage is a mortgage banking company specializing in the origination, warehousing, selling and servicing of residential mortgage loans. Plaza also owns a single-branch savings and loan in Santa Ana. The company is ranked the eighth-largest mortgage loan originator in California, the 20th-largest nationwide.
 Plaza did its initial public offering in October 1992, selling 4,438,500 shares at $6.50.
 -0- 11~30~92
 ~CONTACT: James M. Weld, president and COO of Plaza Home Mortgage, 714-564-3000; or John H. Shaw of The Financial Relations Board, 818-783-2400, for Plaza Home Mortgage~
 (PHMC)


CO: Plaza Home Mortgage Corp. ST: California IN: FIN SU:

JL-BP -- LA002 -- 4025 11~30~92 09:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 30, 1992
Words:404
Previous Article:COMMAND CREDIT REACTS TO RECENT PRICE MOVEMENT
Next Article:DATA ON NEW TREATMENT FOR VISCERAL LEISHMANIASIS PRESENTED AT THE XIII INTERNATIONAL CONGRESS FOR TROPICAL MEDICINE AND MALARIA
Topics:


Related Articles
PLAZA HOME MORTGAGE RELEASES ANTICIPATED YEAR-END RESULTS -- CONTINUED STRONG GROWTH SEEN IN 1993
PLAZA HOME MORTGAGE POSTS RECORD DECEMBER LOAN ORIGINATIONS
PLAZA HOME MORTGAGE ANNOUNCES COMPLETION OF ACQUISITION OF SANDIA MORTGAGE CORP.
PLAZA HOME MORTGAGE'S OPTION ONE SUBSIDIARY COMPLETES $79.9 MILLION TRANSACTION WITH SALOMON BROTHERS
AAMES CONTINUES NATIONWIDE EXPANSION WITH OPENING OF PHOENIX OFFICE
Fleet Announces Plan for Stock Repurchase and Strategic Disposition of Three Business Units
Washington Trust Plans Office in New London
Oak Street Mortgage Opens New Branch Office in Bethlehem, PA.
New Regulations Are Drying Up a Large Segment of New Jersey's Mortgage Market, New Study Says.
Macon Bank Opens Loan Office in Arden.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters