Key Takeaways:
– Bill Lowman has been named the chairman of the board for American Pacific Mortgage (APM), replacing APM founder Kurt Reisig.
– Lowman will continue to advise the APM senior management while fulfilling his responsibilities as chairman.
– Lowman has been with APM for over 21 years, starting as a branch manager and progressing to president, CEO, and vice chairman.
– APM has been actively acquiring branches despite industry challenges, including acquiring branches from Sunstreet Lending, Lend Smart Mortgage, AmeriFirst Financial Inc., and Finance of America Companies Inc.
– APM currently has 2,009 sponsored mortgage loan originators and 496 active branches across the country.
– APM originated $7.62 billion in production volume in the first nine months of 2023, a decline from the same period in 2022.
– APM ranks as the 31st-largest lender in the country with a market share of approximately 0.7%.
HousingWire:
California-based retail lender American Pacific Mortgage (APM) has named vice chairman Bill Lowman as its chairman of the board, succeeding APM founder Kurt Reisig.
Lowman will continue his daily work as an adviser to the APM senior management while more fully guiding the company through his work on the board, the company said earlier this month.
Lowman has been with the lender for more than 21 years starting from managing a founding branch to being promoted as president in 2004, CEO in 2017 and vice chairman earlier in 2023.
“I look forward to driving APM forward in the new year and turning the challenges into opportunities in 2024 and beyond,” Lowman said. “I’m honored to be moving into the chairman role behind my mentor and friend Kurt Reisig. We’ve built an amazing company and an unrivaled culture.”
Reisig, chairman of APM, will remain active as a board member.
The lender has been in acquisitive mode despite the industry downturn.
In 2022 alone, APM acquired 11 branches from Arizona-based Sunstreet Lending and Sunstreet, along with 25 branches from the Minnesota retail lender Lend Smart Mortgage and 51 branches from the now-defunct AmeriFirst Financial Inc.
The lender also brought over 45 former retail branches from Finance of America Companies Inc. (FoA) months after it shut down its forward mortgage segment.
All in all, 900 employees joined the company from the four deals APM completed in 2022, including 540 LOs, Lowman said in a previous interview with HousingWire.
Founded in 1996, APM offers a range of products, including conventional, jumbo, FHA, VA, USDA loans and reverse mortgages as well as renovation and construction loans.
APM has 2,009 sponsored mortgage loan originators with 496 active branches across the country, the Nationwide Multistate Licensing System (NMLS) showed.
The California lender originated $7.62 billion in production volume in the first nine months of 2023, declining 27.9% from $10.56 billion during the same period in 2022, according to Inside Mortgage Finance (IMF).
With a market share of around 0.7%, APM ranks as the 31st-largest lender in the country, IMF data showed.
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Property Chomp’s Take:
Have you ever wondered what the “
The “
In recent news, California-based retail lender American Pacific Mortgage (APM) announced some changes in its leadership team. Vice chairman Bill Lowman has been named as the new chairman of the board, taking over from APM founder Kurt Reisig. This move comes as APM continues to navigate through the challenges of the industry and pursue opportunities for growth.
Lowman has been with APM for over 21 years, starting from managing a founding branch to his current position as vice chairman. He will now take on the role of chairman while still advising the senior management team on a daily basis. Lowman expressed his excitement about driving APM forward and building upon the company’s strong foundation.
Meanwhile, Kurt Reisig will remain an active board member, ensuring continuity and providing valuable insights from his experience as the company’s founder. APM has been actively expanding despite the industry downturn, making strategic acquisitions to strengthen its presence in different markets.
In 2022 alone, APM acquired 11 branches from Arizona-based Sunstreet Lending and Sunstreet, along with 25 branches from the Minnesota retail lender Lend Smart Mortgage. Additionally, the lender acquired 51 branches from the now-defunct AmeriFirst Financial Inc. and brought over 45 former retail branches from Finance of America Companies Inc. These acquisitions have brought a total of 900 employees, including 540 loan originators, to APM.
Founded in 1996, APM offers a wide range of mortgage products, including conventional, jumbo, FHA, VA, USDA loans, and reverse mortgages. They also provide renovation and construction loans. With 2,009 sponsored mortgage loan originators and 496 active branches across the country, APM has established a significant presence in the mortgage industry.
In terms of production volume, APM originated $7.62 billion in the first nine months of 2023, representing a decline of 27.9% compared to the same period in 2022. Despite the decrease, APM still holds a market share of around 0.7%, making it the 31st-largest lender in the country according to Inside Mortgage Finance data.
As APM moves forward with Bill Lowman at the helm as chairman of the board, the company is poised to overcome challenges and capitalize on opportunities in the coming year and beyond. With its strong leadership and dedication to expansion, APM continues to make its mark in the mortgage industry.
So, the next time you come across a “
