AgentMortgage

Northeast lender sees best market conditions in a decade

Credits Obama administration for regulatory reform

Early in 2007, I had traveled to Tucson, Ariz., to interview the CEO of a high-flying mortgage company, First Magnus Financial Corp., which had completed more than $30 billion worth of originations in 2006. "We expect to do $36 billion in 2007," the CEO boasted to me. By the time my story went to press, the company was out of business. It blew up quite suddenly during the subprime mortgage crisis that hit the country that summer. Many independent mortgage companies followed First Magnus down. One that didn't was Mortgage Master Inc. of Walpole, Mass., which not only survived but has expanded its regional presence to the District of Columbia and 22 states in the Northeast and mid-Atlantic part of the country. This year, the company expects to do about $7 billion in loan volume. I thought I would check in with Paul Anastos, president of Mortgage Master, to talk about survival and what he calls "the best home market in the last 10 years." First a little b...