SOURCE: Bay Equity

Bay Equity

July 20, 2011 12:08 ET

Bay Equity Home Loans Announces Acquisition of Pacific Bay Financial Mortgage Brokerage

SAN FRANCISCO, CA--(Marketwire - Jul 20, 2011) - Bay Equity Home Loans, one of the San Francisco area's most respected and successful mortgage lending institutions, announced that Pacific Bay Financial Corporation, the longest-standing mortgage brokerage in San Francisco, has joined its team of retail branches.

Since its founding in 1985 by Manny & Elfa Kagan, Pacific Bay Financial has established a solid reputation as one of the premier mortgage companies in the Bay Area through its unwavering focus on providing the highest quality service to its clients.

"When the mortgage industry changed, I recognized that we had to change too in order to stay in business," said Kagan. "We interviewed five banks looking for the right fit, but Bay Equity stood out because they were a true mortgage bank built by talented young professionals. Joining their team provides us the opportunity to create new, positive experiences for customers.

"The future is very bright," added Kagan. "The housing market will turn around very soon, and we will be able to offer products and services that we couldn't as a mortgage broker."

"Manny Kagan is a well respected veteran in the Bay Area mortgage business," noted Brett McGovern, President of Bay Equity. "He built his entire business on a service oriented culture that fits well with Bay Equity's mission to be a Premier Service Organization. Manny and his team are a tremendous addition to our organization. He brings a wealth of knowledge, respect, and experience to the company that will truly fuel our growth. That is invaluable."

Bay Equity was founded in June 2007 by three brothers, Brett, Jon, and Casey McGovern, and funded its first loan 11 months later. To date the firm has financed more than 7,000 loans totaling more than $2 billion. The company is 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.

About Bay Equity
Bay Equity is a family-owned, full-service wholesale and retail mortgage lending institution. The company is headquartered in San Francisco with operations centers in San Francisco and Pleasanton, California and more than a dozen branch offices with more than 150 employees, including 40 wholesale account executives servicing mortgage brokers throughout the Western United States. www.bayeq.com

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