May 30th, 2013

Bay Equity Announces Rebranding Initiative

Posted by at 12:35 pm

Hometown Lending is now Bay Equity Home Loans Bay Equity Home Loans has announced the rebranding of its Hometown Lending division. Hometown Lending branches will become Bay Equity branches. Hometown Lending started in 2000 in Everett, WA and joined Bay Equity in April of 2012. “Hometown Lending has been a great partnership for us as we grow and diversify our geographic footprint,” said President Brett McGovern. “We have firmly planted the Bay Equity flag in the Pacific Northwest and now it’s a good time to bring the company together under one strong, easily identifiable brand. We look forward to continued growth in that region.” Curt Lillibridge, the founder of Hometown Lending added, “The decision to join Bay Equity, now over a year ago, has exceeded my expectations and I’m delighted to be partnered with such a forward-thinking company.” Bay Equity...
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May 23rd, 2013

Bay Equity Has Full Agency Approval

Posted by at 4:38 pm

Bay Equity Home Loans, ranked among the fastest-growing privately held financial institutions in the Bay Area, has announced that it is now approved by the Government National Mortgage Association (GNMA). Known as Ginnie Mae, the agency expands affordable housing opportunities nationwide. In addition to Ginnie Mae, Bay Equity also has the approval of the two other federal agencies operating in the secondary lending market—Fannie Mae (FNMA) and Freddie Mac (FHLMC). “Our hard work to secure these approvals will lead to a variety of positive developments for the company,” said Bay Equity President Brett McGovern. “Above all, we are striving to build a company that is built on a solid foundation and the quality of our loans and strong relationships with the Agencies are central to that end.” Full agency approval means increased liquidity, freedom from investor overlays and purchase turn...
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May 16th, 2013

Bay Equity Celebrates 5 Years of Lending!

Posted by at 9:48 pm

Bay Equity funded its first loan five years ago this month! For all those who have joined in the past half-decade, I thought it would be fun to paint the picture of what Bay looked like in May of 2008. I will begin by recognizing those people who were on the ground floor and helped us overcome a number of the initial hurdles as we got into business. Matt Birdseye manned the lock desk and underwrote loans in his spare time. Brian Louie was the funding, docs and warehouse department. John Curtin, Colin Sullivan, Jon McGovern, Brett McGovern and I were the sales force. We had fewer than 10 employees in 2008 and we were housed out of 251 Kearny Street in San Francisco. The office was just over 2,000 square feet. Brett shared an office with our processor/controller. I...
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May 16th, 2013

Bay Equity Now a Freddie Mac Lender

Posted by at 9:39 am

Improves Access to Lower Housing Costs and Home Financing. Bay Equity Home Loans is approved by the Federal Home Loan Mortgage Corporation (FHLMC) as a direct lender. Chartered by Congress in 1970 and commonly known as Freddie Mac, the FHLMC mission is to provide liquidity, stability and affordability to the U.S. housing market. Approved lenders can help people get lower housing costs and better access to home financing. “With Freddie Mac approval, Bay Equity can help meet the needs of the mortgage market by making homeownership more affordable,” said President Brett McGovern. “By building a comprehensive agency-direct product portfolio, Bay Equity is emerging as one of the strongest and most stable lenders in today’s market.” Through federal programs like Making Home Affordable, Freddie Mac works to reduce the number of foreclosures and help families keep their homes by lowering costs...
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May 9th, 2013

Bay Equity Launches Private Client Group

Posted by at 6:44 pm

Bay Equity Wholesale Lending has launched a Private Client Group (PCG). Led by Executive Vice President Spencer Richardson and Director of Northwest Operations Sam Lindstrom, the PCG is an intentionally different by design approach to wholesale lending. The PCG will partner with a limited group of exclusive clients to focus on building relationships and developing an expert understanding of those clients’ needs. Based in Tacoma, Wash., the new division will complement Bay Equity’s current wholesale group. The base of operations for the Private Client Group is the ground floor of an historic warehouse. With exposed brick and open ductwork running through high ceilings, the industrial-style building characterizes the energy and innovation behind this bold, new division...
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