Mortgage company opens branch
A mortgage company based on the east side of the state has opened a local branch.
Troy-based Towne Mortgage Company opened its Grand Rapids Beltline branch last month in Grand Rapids Township, at 3358 Eagle Run Dr. NE.
The 2,700-square-foot branch is leased from landlord John Combs. No build out was required.
Steve Sanchez, a senior loan officer, is the office’s co-branch manager with Matt Kooistra.
Sanchez said the office has 12 employees.
The company’s leadership looked at several offices before settling on the space.
“I shopped around for different leases in the area, and they were all complete build-outs or way too big and more expensive,” Sanchez said. “This is the perfect scenario, and I’m glad we were able to work out the lease arrangement.”
He said Towne Mortgage does its own underwriting for residential purchasing and refinancing deals.
The company is emphasizing hiring locally as it expands.
“I just hired some newer loan officers, and we are working on training them,” Sanchez said. “That’s one of the main things is we’re hiring local good talent to keep up with the demand in West Michigan.”
The company has been expanding statewide and nationally, and he doesn’t foresee a slowdown.
“We plan to expand and add a Wyoming branch to accommodate the Hispanic community and veterans, amongst all others,” Sanchez said.
Founded in 1982, The Towne Mortgage family of companies serves middle-income borrowers and has a loan servicing portfolio of $4 billion.
Under the leadership of CEO Andrew Smith and Chair Dale LeFebvre, Towne has increased the number of borrowers it serves from 6,000 to more than 25,000, a more than 400-percent increase since 2014.