Bay Equity Home Loans has announced that Eva Sharma and Rob Phillips have returned to the company as wholesale senior account executives in San Diego. Sharma had previously worked for Bay Equity when it was just getting off the ground in August of 2008, and Phillips joined the firm in January of 2009. During that time they established themselves as a formidable team of high producers, closing approximately $30 million per month in transactions. Both elected to leave the company in August of that year to pursue a joint venture with Carlsbad, Calif.-based Steward Investments, but when that firm shuttered its wholesale operations in February, Sharma and Phillips found themselves free agents once again.
“Bay Equity is not the same company we worked for before—in a very good way,” said Sharma. “When our previous employers shut their doors, we met with and talked to just about everybody in the mortgage business. When we visited with the team at Bay Equity, it was just amazing. They’ve grown and made tremendous improvements in just two years. They really have their eyes on the ball and were by far our strongest option.”
In their new positions Sharma and Phillips will focus on their specialty, the wholesale side of the business, as they offer the breadth of the Bay Equity product menu to their clients. Those offerings include FHA and VA loans with higher limits, options of particular value in the military-rich San Diego area.
“Bay Equity has become a very well-capitalized lender, but they’re still family-owned and not burdened with excessive layers of management,” said Phillips. “It was important to us that they were well capitalized and able to sell directly to Fannie Mae. They support their brokers and retail branches, and they can take information and feedback from the field and then turn and act on it very quickly. Big banks can’t do that.”