Mechanics Bank and RPM Mortgage Inc. AnnounceAgreement to Offer Full-Service Home Mortgage Lending in Northern California
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WALNUT CREEK, CA, July 23, 2014 — Mechanics Bank, one of Northern California’s largest independent community banks, and RPM Mortgage, Inc. (RPM) one of the industry’s largest independent mortgage originators, have announced an agreement for RPM to originate mortgage loans for Mechanics Bank customers.
This new relationship between the two leading financial service companies headquartered in the San Francisco Bay Area is effective immediately, and will involve RPM offering first mortgage loan origination services to Mechanics Bank customers throughout the Bank’s 30 branch network in Northern California.
"It’s a pleasure to announce this strategic relationship with RPM,” said Christa Steele, President and Chief Executive Officer at Mechanics Bank. "This association makes it possible for us to offer a complete array of mortgage products available in today’s market to our clients, and it’s backed by an organization with a true customer focus and a superior service commitment that mirrors our own. It’s a real win for Mechanics Bank clients today.”
Steele also noted that in today’s complex regulatory environment having a relationship with a proven and trusted mortgage provider is a must. “RPM is a recognized leader with numerous industry awards and a spotless service record”, said Steele. RPM was recently given Standard & Poor’s (S&P) Rating Services high ranking of Above Average in all categories as a U.S. Residential Mortgage Originator. RPM is the only privately owned U.S. Residential Mortgage Originator to have earned this ranking in all categories. In addition, RPM was recently ranked as one of the Top Mortgage Lenders of 2013 by the Scotsman Guide– the industry's most comprehensive list of the top-producing mortgage companies in the nation, and listed as one of the “Top 100 Mortgage Companies in the U.S.”, and “50 Best Places to Work”, by Mortgage Executive Magazine.
"We are extremely excited to work with a bank whose culture is so similar to RPM’s. Because Mechanics is also a Bay Area based, locally owned company, for whom client service is paramount, working with them is a very natural fit for RPM” said Rob Hirt, Chief Executive Officer of RPM Mortgage.
Mechanics Bank has also announced new 10 and 15 year fixed rate mortgage products available starting at 2.99%1 (3.067% APR) and 3.375%2 (3.428% APR), respectively, that allow homeowners to build their equity and pay off their mortgage loans at an accelerated pace. All new mortgage loans are available by calling Mechanics Bank at 800.797.6324, or by visiting any Mechanics Bank branch or office.
About Mechanics Bank
About RPM Mortgage Inc.
Proceeds from loans made by Mechanics Bank cannot be used to pay off or pay down existing Mechanics Bank loans. 10 and 15 year loan rates are based on Mechanics Bank rates published June 26, 2014. Actual rates may vary. Monthly payments shown do not include taxes and insurance premiums. Your actual payment obligation will be greater. All loans subject to program eligibility, collateral, underwriting approval and credit approval. Mechanics Bank is an Equal Housing Lender. Member FDIC. NMLS# 442116
1 Fixed rate of 2.99% (3.067% APR). A typical loan of $350,000 has 120 payments of $3,378.01.
2 Fixed rate of 3.375% (3.428% APR). A typical loan of $350,000 has 180 payments of $2,480.66.