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Since 2013, Pacific Union Financial has quadrupled its employee count to 1,600, brought servicing in-house, grown its portfolio to $21 billion and is approaching $1.5 billion in origination production each month.
The Top 25 mortgage company consistently breaks its own records, the latest being May’s $2 billion in locked volume across the distributed retail, wholesale and correspondent channels.
The growth doesn’t stop there. With nearly 50 branches across the country, Pacific Union is expanding its footprint in the retail channel in the Northeast, Midwest and Southeast. The wholesale and correspondent channels are also vigorously building their sales teams to solicit and serve more business-to-business partners. Pacific Union currently ranks fifth as an FHA-sponsored originator and is the 10th largest Ginnie Mae issuer.
“We are excited for the next chapter of Pacific Union,” said Pacific Union Founder Evan Stone. “We have a solid management team, a great group of employees and a loyal customer base that will serve us well as we continue down the path to greater success.”
Pacific Union is working hard to make mortgages easy by creating an environment of customer-centric solutions and technological support.
On the agenda for 2016, Pacific Union is introducing a new highly integrated mobile app that will equip Millennials with the tools they want and use. B2B clients will benefit from the high-touch digital and visual tools to stay informed regarding pipelines, new products and system enhancements.
Also at the top of the company’s list of priorities is hiring top-notch talent to join their team. Hiring the best talent and developing cutting-edge tools will allow Pacific Union to establish itself as an industry leader and innovator and positively impact the way the mortgage industry does business. Pacific Union is also growing its product offering, including the new FlexKey product suite.
“We feel the FlexKey product suite provides a needed approach to responsible lending for consumers who don’t fit inside the pristine credit box that most mortgage investors require,” said Brandon Story, chief strategy officer. “This product will allow our lending partners and originators to have a broader access to credit, adhere to prudent ability to repay requirements and help promote homeownership to a wider range of consumers.”
The full-service mortgage company offers products that serve a wide range of credit scenarios and credit scores — conventional, jumbo, VA, FHA, USDA, HARP, specialty and non-agency.
Its operations teams are also designed to be client-centric, whether they are correspondent, wholesale or retail. Each client’s business is contained in one operations team, allowing the group to learn how to better serve clients. Instead of working with different underwriters and processors for every single loan, clients can build confidence in a relationship with their dedicated operations team.
“We are quickly growing, but as we grow we are purposefully being strategic in how we structure our departments. We want to be the place where our borrowers, brokers, lending clients and our employees experience top-notch service and support every day,” said President and CEO Rick Skogg.
THE EXECUTIVES
Evan Stone, Founder
Evan Stone has more than 15 years of professional experience, with more than 12 years of executive leadership experience in the mortgage industry. He founded Pacific Union Financial in 2004 with a focus on unique market opportunities. Pacific Union has demonstrated dramatic growth and substantial profitability under his leadership, achieving more than $10 billion of residential mortgage origination volume and more than $150 million of pre-tax net income in 2012 and 2013. Stone has a bachelor’s degree from the University of California, Davis, and successfully completed the Investment Manager’s Training Program with Morgan Stanley.
Rick Skogg, President and CEO
As a successful executive leader in the mortgage business for more than 30 years, Rick Skogg built Aurora Loan Services as a de novo mortgage company starting with 25 employees and grew it to more than 3,000 employees, over $60 billion in annual originations and a servicing platform with $200 billion in master servicing. Skogg has led the building of Pacific Union Financial and facilitated phenomenal growth, including the restructuring/building of its leadership team, the buildout of multiple origination channels and a mortgage servicing platform.
Madison Simm, CFO
Madison Simm has more than 17 years of professional experience, with most focused in the mortgage industry — previously with Wells Fargo Home Mortgage, Aurora Loan Services/Lehman Brothers, and W.J. Bradley Mortgage Capital. Simm’s management experience has been focused on financial and strategic management, including accounting, financial analysis and reporting, internal and external business intelligence and planning.
