FREMONT, Calif. - (Business Wire) Fremont Bank, a leading full-service community bank in Northern California, has significantly increased its ranking since 2007 as one of the top home mortgage originators in California and the Bay Area communities the Bank serves. In 2008, Fremont Bank originated $942.9 million home loans in California and $718.6 million in 2007 — a 31 percent increase. Comparing home loan originations from all California financial institutions during the same timeframe, mortgage lending decreased 45 percent. Already in 2009, Fremont Bank has originated $3.5 billion in home loans, making it one of the top home loan originators in the nation.
According to the SourceMedia’s Mortgagestats.com, Fremont Bank dramatically increased its ranking in home mortgage originations from 2007 to 2008 in each of the following Bay Area communities the Bank serves (compared to the overall figures from all applicable financial institutions during the same timeframe):
- Oakland, Fremont, Hayward (39% increase)
- 2007 - $364.6 million
- 2008 - $507.6 million
- 43% decrease for all Oakland, Fremont, Hayward financial institutions during the same timeframe
- Alameda County (48% increase)
- 2007 - $257.1 million
- 2008 - $381.3 million
- 40% decrease for all Alameda County financial institutions during the same timeframe
- Contra Costa County (17% increase)
- 2007 - $107.5 million
- 2008 - $126.2 million
- 46% decrease for all Contra Costa County financial institutions during the same timeframe
- Santa Clara County (61% increase)
- 2007 - $87.9 million
- 2008 - $141.6 million
- 34% decrease for all Santa Clara County financial institutions during the same timeframe
“We credit the remarkable increase in our home loan originations to our calculated strategy to stay true to providing our qualified clients with prime, traditional loans, while steering clear of the exotic, subprime lending products that have since vanished,” says Fremont Bank’s Vice President of Residential Lending, Gary De Luca. “Our continued work with Fannie Mae and Freddie Mac, coupled with the recent drop in interest rates, has been a key factor in boosting our ranking in the state and the Bay Area communities we serve.”
To further expand its residential lending in California, Fremont Bank will open a Residential Lending Center on December 1st in Aliso Viejo—led by financial industry veteran Brad Seibel. This marks the Bank’s first operation center in Southern California, yet is a natural expansion to continue serving its existing So. CA clients, while providing new clients with much needed traditional mortgage lending options.
About Fremont Bank
Fremont Bank (www.fremontbank.com) is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 23 branches and seven additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterizes the Bank’s culture.
Fremont Bank
Casey Boggs, 310-403-3941
mediarelations@fremontbank.com
