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Branch Pioneer Daniel Jacobs Launches RFC's Retail Branch Division

NationalMortgageProfessional.com
May 03, 2011

Residential Finance Corporation (RFC) has announced the launch of its retail branching division, ProLending Network. The new division offers branch managers the speed and economic advantages of a large, nationwide lender with the personal service and attention required to build a solid business in today’s marketplace. The ProLending Network retail branching division, which will be led by President Daniel Jacobs, officially opened in January 2011 and has 11 branches in various stages of opening across the country. Founded in 1997, RFC has built a successful business through its call center locations in Ohio and Florida; the branching operation will build on the company’s experience and success. Retail branches will close and fund loans through RFC’s diversified mortgage banking platform. “After nearly a year of due diligence and working with the top consultants in the industry, we determined the branching model to be an ideal fit for RFC. It allows us to leverage our award-winning platform of best-in-class banking operations, marketing, technology, training and finance to provide a truly unique and unparalleled parent company for highly experienced branch managers,” said Michael Isaacs, chief executive officer of Residential Finance Corporation (RFC). “With ProLending Network, we have been able to combine our extensive mortgage banking experience with the best management team, technology and mortgage industry know-how. The platform gives proven entrepreneurs an option that not only alleviates their risk concerns but gives them the freedom to do what they do best—develop relationships and originate loans.” ProLending Network President Jacobs has more than 16 years of mortgage industry experience, including many as chief executive officer of one of the largest and most successful branching companies, 1st Metropolitan Mortgage. Purchased in 2009 at its peak 1st Metropolitan boasted 200 branches around the country, originating $4 billion per year.  “Our goal was to build the highest quality retail branch platform around the best talent in the industry,” Jacobs said. “This Dodd-Frank compliant platform has the necessary structure, people and technology to succeed in the new mortgage banking environment and attracts entrepreneurs who want to maintain their relationship-based originations without the risk and hassles of ownership.” Through the use of state-of-the- art technology, ProLending Network’s paperless origination model allows the company to consistently underwrite in less than 24 hours and close a loan, on average, within 18 days of disclosure. “With five warehouse lines, the capacity to fund over six times our current volume, and an lending operations team that operates under strict, established service level agreements to meet the needs of our originators and their referral sources to ensure we close loans on time, every time,” Jacobs said.