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Orlando Mortgage Lender RP Funding More than Doubles Volume of Loans in First Quarter of 2011

Top Quote Volume shows more people are shopping for their mortgage and choosing RP Funding. End Quote
  • Orlando, FL (1888PressRelease) May 14, 2011 - RP Funding, Orlando's "No Fee" direct mortgage lender, reports that its volume of home purchase loans funded in the first quarter of 2011 was up 223% from the fourth quarter of 2010.

    RP Funding is seeing strong growth, despite the slow housing market.

    "I think a lot of people are hearing our message and taking our advice to shop for a mortgage," said Robert Palmer, President of RP Funding. "Most of our clients start the mortgage process with another lender, but end up going with us because of the amount of money they can save."

    RP Funding's unique business model bucks the long-established trends in the mortgage loan business. The company does not charge any fees - no origination fees, document fees, credit checks, etc.

    "We don't charge any fees, because I don't think you should have to pay to get a mortgage," said Palmer.

    Customers must agree, as RP Funding continues to grow while many of the big lenders continue to struggle.

    At BB&T, home-loan fundings fell 31 percent from the fourth quarter of 2011.

    Wells Fargo reported that its home-loan fundings fell by approximately 40% and it lost 4,500 mortgage staffing jobs.

    Bank of America reported that its home-loan fundings were down by a third.

    US Bank reported that its home-loan fundings plummeted by 40%.

    "Consumers are getting savvier about shopping for a mortgage," said Palmer. "They're learning that shopping around can save them thousands of dollars on their mortgage."

    RP Funding employs 31 people, but does the volume of companies that have 100 or more employees.

    "We've built a business that puts customers first, not loan officers," said Palmer. "Our recent growth is a testament to how our business model is working."

    About RP Funding: RP Funding is a licensed Florida Mortgage Lender with offices in Maitland, Florida. As a direct lender, RP Funding underwrites, closes and funds its own loans in order to offer customers the best rates and highest level of service. Unlike banks and mortgage brokers, RP Funding offers "wholesale" mortgage rates directly to consumers to save them money. The only fee that RP Funding customers pay is when they choose to buy down to a lower interest rate through a rate discount cost. For more information, please visit http://www.rpfunding.com/.

    Contact:

    Frank Wolff and Cori Pope
    Wellons Communications
    407-339-0879
    frank ( @ ) wellonscommunications dot com
    cori ( @ ) wellonscommunications dot com

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