Industry News

Joint ventures surge with Metrocities Mortgage

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Metrocities Mortgage on Tuesday reported record closing figures for 2005. During the year, the residential lending leader and its family of companies tallied more than $10 billion in closed loan volume, a 57 percent increase over its 2004 production, according to the company's estimates. While some major mortgage companies have been cutting staff to prepare for tighter market conditions, Metrocities said it plans to add loan staff in 2006 to accommodate ongoing growth. In addition to the record number of closings, the company reported a 90 percent increase in the number of joint venture relationships over 2004. The cornerstone of Metrocities' business is its joint venture model, in which the mortgage banker forms alliances with real estate agencies, builders, financial firms and others to provide "one-stop," in-house shopping services for residential real estate clients. Sherman Oaks, Calif.-based Metrocities Mortgage's affiliate companies include a national jumbo wholesale lender, N...