California-based mortgage lender New American Funding is increasing its national footprint to include the Northeast, Southeast, Midwest, Southwest, and Mid-Atlantic.
Sam Ellsworth will lead the expansion as director of national retail sales. Along with planting locations in key cities across the country, Ellsworth said the expansion effort includes strengthening high-level company leadership, which will enable the company to focus on increasing its foothold in “emerging markets.”
The lender currently has more than 180 nationwide retail branches. It will be looking to hire loan originators and other sales staff.
“We feel the time is right to shift our expansion into overdrive,” Ellsworth said. “This move will allow the company to help even more families buy their dream home and build a foundation for their financial future.”
Kelly Allison will become vice president of the Southeast region, and Miguel Mouriz was named regional manager of the company’s Florida operations. Eric Fellos was named regional manager of the company’s Tennessee operations.
In the Midwest, Hamid Hamrah was named senior vice president, and Ellysa Cummings was named senior vice president of the Great Lakes region. James Bromwell is now area manager of the Mid-Atlantic region of operations.
New American Funding captured some headlines in May when it announced a partnership with Las Vegas-based builder Kavison Homes on a new luxury community in Downtown Las Vegas, The Pines in John South Park. New American Funding’s sister business, Broker Solutions Inc., originated roughly 104,000 in Nevada-based loans in 2020, worth $30.38 billion, according to HMDA data.
In July 2019, New American announced that it would hire as many as 1,000 new employees by the end of the year, which would give it about 4,000 workers in total. It currently employs about 4,800 workers, part of an effort in 2020 to build capacity to execute on record-high loan volume.
The company’s servicing portfolio stands at 197,000+ loans for $51.4 billion. New American offers several niche loan products, and began offering non-QM mortgages in 2019 before pausing such lending during the pandemic.