StoneWater Mortgage enters the lending market
Fortes Financial secures National City Mortgage wholesale divisionMortgagePress.comFortes Financial, National City Mortgage Corporation, Mortgage Search and Acquisition, Fortes Financial Inc. has completed the assumption of five regional wholesale offices formerly belonging to National City Mortgage Corporation. The offices are located in San Diego, Dallas, Chicago, Fredrick Md. and Atlanta. Dallas-based Mortgage Search & Acquisition (MSA) played an integral role in the transaction. Fortes Financial Inc. was founded in August of 2007 by Peter J. Levasseur, president and CEO, and Janice M. Ibey, executive vice president and COO, with the backing of a private equity firm. Shortly after its inception, Fortes began executing its strategy to capitalize on opportunities arising from a market in disarray. In the first quarter of 2008, they acquired the assets of a retail mortgage banking platform, originating both forward and reverse mortgages and subsequently assuming control of National City Mortgage's wholesale origination operation. Fortes currently has over 400 employees. National City's wholesale division closed $17 billion in 2007 before announcing plans to exit wholesale lending at the end of the same year. MSA's President Tami Coffey commented, "Fortes engaged us to identify potential retail or wholesale groups that fit within their corporate profile; we felt that the National City team was a quality, productive entity that would work well under the Fortes umbrella." With offices in Dallas and Reno, MSA specializes within the mortgage banking and financial services industry, offering executive recruiting and Acquisition services to its national client base. "This is a significant milestone for Fortes," commented Levasseur. "We have grown the company through recent investments into the retail and reverse mortgage sectors and feel that the addition of a high quality wholesale division such as the National City team represents, will help us ascertain not only diversification but also the ability to acquire a substantial market share offering endless upward opportunity going forward." For more information, visit www.msarecruiting.com or www.forteswholesale.com.