Commerce Home Mortgage weathered an industry meltdown by eliminating the practice of funding stated income and sub-prime loans, significantly reducing risk of defaults in its portfolio. By 2008, it received Full Eagle status from the Federal Housing Administration and Housing & Urban Development organizations, allowing the mortgage originator to grow its market share. In 2010, the annual loan originations of Commerce Mortgage had surpassed $825 million. Showing exponential growth by 2013, its annual originations increased to $1.8 billion in its retail division. This year, the company has entered the wholesale lending channel, headquartered in Irvine, Calif. and spearheaded by financial industry veteran, Shabi Asghar.
“The evolution and growth of Commerce Home Mortgage over the past 20 years could not have been possible without the dedication and integrity of our team,” expressed Scott Simonich, CEO and founder of Commerce Home Mortgage, at the company’s celebratory dinner last month. “The industry intelligence of our mortgage professionals is one of the company’s assets for which I am most grateful.”