TMCnet News
PCMA Generates $150MM In Private Client Mortgage Applications in The First 10 Days of RebootPCMA, the pioneer and category leader in Non-Bank Private Client Lending, announced in the first 10 days after the reboot of OMEGA and ZENITH, PCMA has generated loan application volume of $148,355,419. "Exceeding $140MM in 10 days is a testament to our OMEGA and ZENITH products; best-in-breed lending solutions for the Private Client Community," said John Lynch, CEO and founder of PCMA. "While others ceased non-agency mortgage originations, our executive team stayed committed to relaunching expanded prime credit into Private Client communities, knowing that we would not only survive the financial dislocation, but reemerge as the clear thought leader and stronger than we were Pre-Covid." As the credit markets reeled during the impact of the Covid19 liquidity event, the actions of PCMA ensured Zero-Loss on all existing loans for both the company and banking partners. PCMA followed up this action with the retooling of both OMEGA and ZENITH, with the intent that each product met the needs of the Private Client community, and evolve the program to allow even greater features and flexibilities. "PCMA Private Client Lending performance in th first 10 days of full credit availability since the impact of Covid19 to the financial markets demonstrates the incredible demand and marketplace opportunity in the Non-Bank Private Client credit markets," said Lynch. Direct Consumer Originations exceeded all expectations with application requests that had an average loan amount of $933,052; an average home value of $2,007,798; an average LTV of 46.5%; and average household reserves of $206,475. PCMA expects continued loan volume growth as the firm reconstitutes itself for scale in key markets throughout California and continued expansion into high concentration communities of high capacity households around the nation. "I could not be prouder of our team and their ability to execute and achieve in the face of a global pandemic. I am blown away by how far we have come in 10 short days, and over the moon to see what we will evolve to in the 4th Quarter of 2020 and beyond," said Lynch. About PCMA PCMA is the leading non-bank private client lending organization serving the needs of their mass affluent and high net worth clientele. PCMA offers qualified individuals and institutions bespoke lending solutions across all major residential asset classes. PCMA is a diversified financial enterprise offering private client solutions through a direct and indirect to consumer business model. PCMA strives to build trusting and enduring relationships by putting clients and professional partners at the center of all they do. PCMA is headquartered in Orange (News - Alert) County, CA. Additional information is available at www.pcma.us.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200811005299/en/ |
