Former Market Street Mortgage Employees Move Swiftly to Save Jobs and Continue Texas Operations as Flagstone Lending Group
HOUSTON, TX--(October 8, 2007) - In spite of the FDIC’s recent takeover of Market Street Mortgage Corporation, a subsidiary of NetBank (FSB), and its pending closure, Mark Cady, a Regional Vice President, has moved expeditiously to ensure continued mortgage origination in the state of Texas. Cady, along with several other company team members, has entered into a divisional joint venture arrangement with Salt Lake City-based Primary Residential Mortgage, Inc. (PRMI).
The joint venture agreement allows Cady to purchase his territory in the state of Texas and secures the jobs of 80 Market Street Mortgage employees facing unemployment. Beginning Monday, October 8, Cady et al. will continue serving the Houston, Dallas, San Antonio, Austin and McAllen markets under the name “Flagstone Lending Group.” The arrangement allows Flagstone to focus on loan origination while Primary Residential Mortgage provides a platform of financial and operational support.
“Despite the turmoil of the last several days, we’re extremely excited to work in partnership with PRMI,” says Cady, who will be heading Flagstone Lending Group. “This arrangement will enable us to hardly skip a beat and move forward serving our customers. We’re confident that Flagstone Lending Group will provide the same exceptional products and services that Market Street customers have come to expect.”
Contrary to media reports, the arrangement with Primary Residential Mortgage, Inc. allows the former Market Street Mortgage team members to continue accepting applications and funding new loans under the new Flagstone platform, as of Monday, October 8. In the agreement, Flagstone will have access to PRMI’s support services (accounting, branch relations/training, compliance/licensing, human resources, information technology, marketing, and quality control) and retail operation services (secondary marketing, underwriting/risk management, escrow, investor relations/purchasing, document control). Despite the tumultuous market, Primary Residential Mortgage remains a debt-free, privately owned company and is rapidly expanding its operations in the consolidated market. Any customers with loans in progress or future customers can contact the Houston regional office at 713-869-8869 or their local branch.
During his tenure at Market Street Mortgage, Cady managed a staff of approximately 60 employees in offices throughout Texas. His region closed an average of approximately $25 million in loans each month in 2006 and accounted for approximately 25% of the entire company’s profit that same year. Through his leadership, Cady’s region was the most profitable region per unit within eight months of joining Market Street Mortgage. Prior to joining Market Street Mortgage, Cady was Chairman and CEO of Memorial Park Mortgage, Ltd. and a Divisional Vice President at CTX Mortgage Company. At CTX, Cady was the company’s top producer for nine years with total loan production exceeding $1.5 billion. He has also been heavily involved in the Houston community, acting as an advisor to Mayor Bill White, serving on the Board of Directors for the Greater Houston Builders Association, and serving on the Sterling Bank Heights Business Development Board of Directors, among other activities.
ABOUT PRIMARY RESIDENTIAL MORTGAGE, INC.
Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by Dave Zitting, Jeff Zitting, and Steve Chapman in 1998. Since its inception, PRMI has evolved from a four-person business to a nationwide multi-billion dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the PRMI brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs. Serving all segments of the market, Primary Residential Mortgage, Inc. is a privately held, debt-free company that focuses primarily on traditional loan products. Licensed in Arizona, Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee,Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
- Contact Information
- Dave Zitting
- President and CEO
- Primary Residential Mortgage, Inc.
- Contact via E-mail
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