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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.”
CAMP is an organization of mortgage brokers and affiliated service providers who act as consumer advocates, linked together to create greater options in the mortgage selection process. As president of OC CAMP, Asghar will lead the organization of consumer advocates members to establish a diverse network of mortgage professionals in Orange County to make home ownership possible through a wide array of programs.
Asghar has worked in the financial services industry since receiving his Bachelor of Science in Business Management from California State University, Northridge in 1986. A southern California resident since 1980, Asghar aimed his focus on the mortgage industry in 1992, and became an industry wholesale division president three years later. He went on to launch and grow several successful mortgage companies, utilizing his expertise in the management of wholesale origination and production.
“OC CAMP’s mission is completely aligned with that of Commerce Home Mortgage, so it comes as no surprise that Shabi will help lead both organizations toward their common goal,” states Scott Simonich, CEO of Commerce Home Mortgage. “Simply put, we all want to get people back into homes.”