SOURCE: Bay Equity

Bay Equity

April 03, 2012 13:46 ET

Bay Equity Adds Dynamic Duo in San Diego Area

Eva Sharma, Rob Phillips Return to Firm After Two-Year Hiatus

SAN FRANCISCO, CA--(Marketwire - Apr 3, 2012) - Bay Equity Home Loans, one of the San Francisco area's most respected and successful mortgage lending institutions and recently ranked No. 5 on the San Francisco Business Times list of the "Top 100 Fastest-Growing Private Companies" in the Bay Area, announced today that Eva Sharma and Rob Phillips have returned to the company as wholesale Senior Account Executives in San Diego.

Sharma had previously worked for Bay Equity when it was just getting off the ground in August of 2008, and Phillips joined the firm in January of 2009. During that time they established themselves as a formidable team of high producers, closing approximately $30 million per month in transactions. Both elected to leave the company in August of that year to pursue a joint venture with Carlsbad-based Steward Investments, but when that firm shuttered its wholesale operations in February, Sharma and Phillips found themselves free agents once again.

"Bay Equity is not the same company we worked for before -- in a very good way," said Sharma. "When our previous employers shut their doors, we met with and talked to just about everybody in the mortgage business. When we visited with the team at Bay Equity, it was just amazing. They've grown and made tremendous improvements in just two years. They really have their eyes on the ball and were by far our strongest option."

"Bay Equity has become a very well-capitalized lender, but they're still family-owned and not burdened with excessive layers of management," added Phillips. "It was important to us that they were well capitalized and able to sell directly to Fannie Mae. They support their brokers and retail branches, and they can take information and feedback from the field and then turn and act on it very quickly. Big banks can't do that."

In their new positions Sharma and Phillips will focus on their specialty, the wholesale side of the business, as they offer the breadth of the Bay Equity product menu to their clients. Those offerings include FHA and VA loans with higher limits, options of particular value in the military-rich San Diego area.

"Eva and Rob were exceptional producers for us when we were just starting out and we are delighted to have them back with us," said Casey McGovern, managing director of Bay Equity. "They give us a strong presence in Southern California, and we give them more income streams than other firms, including wholesale and correspondent deals and broker-to-banker conversion opportunities."

About Bay Equity

Bay Equity is a full-service wholesale and retail mortgage lending institution founded in June 2007 and headquartered in the heart of San Francisco's Financial District, one of the very few mortgage lenders actually located in the City by the Bay. Bay Equity also has operations centers in Pleasanton, California and Portland, Oregon and more than a dozen retail branch offices on the West Coast. In addition, Bay Equity has wholesale account executives covering the 10 Western States. To date the firm has funded more than 9,000 home loans totaling more than $3 billion and has grown to more than 190 employees. To learn more about Bay Equity, please visit our Web site at www.bayeq.com.

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