Solera National Bank, a wholly-owned subsidiary of Solera National Bancorp, Inc. (OTCQB:SLRK)
, today announced the launch of Solera National Bank’s Residential Mortgage Division and has hired Kathleen Stout as Executive Vice President of Solera National Bank, and President of the Residential Mortgage Division. Solera will add five loan production offices in Colorado including Boulder, two locations in Colorado Springs, the Denver Tech Center and Durango. With the expansion, Solera is adding more than 40 talented mortgage professionals including loan officers with over 200 years of combined residential lending experience. The transition is expected to take approximately 45 days to complete.
“We see significant opportunities in residential mortgage lending in Colorado, and we are delighted to welcome Kathy and her team to Solera,” said Douglas Crichfield, President and Chief Executive Officer. “Kathy’s high energy, leadership abilities and proven expertise in residential mortgage lending will be of great value to our institution. Our new locations will add greater convenience to our current customers as well as create increased small business lending opportunities throughout the Front Range.”
After a short period to ramp up operations, the Residential Mortgage Division is expected to significantly enhance the Bank’s profitability through the sale of loans into the secondary market as well as through building a high quality residential mortgage loan portfolio that will remain on the Bank’s balance sheet.
“Home resales in the Metro Denver region continue to increase at a relatively strong pace, with year-to-date growth of 17.1% over the same period in 2011,” according to data compiled by the Metro Denver Economic Development Corporation in its Monthly Economic Summary for November 2012. “Homes under contract, an indicator of future sales activity, increased at an even stronger rate of 20%. And, according to Metrolist, Inc., home sales in Metro Denver are at their highest levels since 2008.” Through October year-to-date, Kathy’s team has closed approximately 1,000 loans representing $250 million in originations.