| |
 |
Paragon Home Lending, LLC (Paragon), a Wisconsin based wholesale mortgage banking company, was introduced to Richey, May & Co., LLP (RMC) through the company’s warehouse lender, GMAC/RFC. Paragon is engaged in the business of acquiring, underwriting and funding mortgages for sale to investors.
Through its main office in Brookfield, Wisconsin, the company acquires loans primarily from originators located in Wisconsin, Illinois, Minnesota, Indiana, Michigan, and Iowa.
During the refinance boom of the early 2000’s, Paragon was rapidly expanding its operations to take advantage of dramatically increased volumes. Its financial reporting system was under severe stress and had been rendered inoperative.
|
| |
 |
Pinnacle Mortgage Group, Inc. ("Pinnacle") is a privately held, Denver, CO based retail and internet mortgage banking company founded in 1995. Historically, Pinnacle's businessplan called for controlled growth of its diversified business channels, but earnings volatility and limited capital challengedthe Company's ability to meet its goals. Pinnacle understood
the cyclical nature of the mortgage market and was seekingbusiness solutions that would help stabilize and enhance earnings during volatile and changing markets. TheCompany's secondary marketing strategy was based on correspondent “Best Efforts” investor commitments, more typical of a mortgage broker model than that of a mortgage banker. Pinnacle knew the time had come to take the next step. |
