Financial services company growing while larger competitors are enforcing layoffs
JACKSONVILLE, Fla., May 19, 2011 — While many mortgage companies around the U.S. are laying off employees, one financial services company is experiencing record growth.
Foundation Financial Group reports its volume for the first four months of 2011 is up 14 percent over the same period one year ago. The Mortgage Bankers Association's Index of Loan Applications dropped 5.6 percent in April. Overall, industry revenue is down 14 percent from the same period a year ago, according to reports.
"Our people are our greatest asset, and these numbers reflect the hard work employees put in for Foundation Financial Group and our valued customers daily," said CEO Mark W. Boyer. "Another reason Foundation Financial Group is growing is our ability to adjust quickly during shifts in market conditions, our blue-collar work ethic and our unique pay-for-performance and pay-for-responsibility business model."
In June, Foundation Financial Group plans to open its seventh U.S. regional sales center in the Dallas, Texas area. On Jan. 31, Foundation Financial Group opened a new center in Rochester, N.Y., its sixth. Meanwhile, two of the largest mortgage lenders announced layoffs in the thousands this year. Bank of America is laying off 1,500 loan processors and underwriters as it closes 200 of its small loan fulfillment centers, according to a report from TheStreet.com, and Wells Fargo is laying off 4,500 retail mortgage employees due to declines in mortgage revenue
"It's unfortunate to see any layoffs in our industry," Boyer said. "Foundation Financial Group remains focused on our goal of providing customers with the speed, efficiency, best pricing and outstanding customer service they have come to rely on."
About Foundation Financial Group
Foundation Financial Group, one of the nation's fastest-growing financial services companies, specializes in mortgage lending, property and casualty insurance, life insurance, retirement services, personal taxes and corporate tax services. Foundation Financial Group operates six regional centers in Atlanta; Charlotte, N.C.; Jacksonville, Fla.; Raleigh, N.C.; Rochester, N.Y.; and Savannah, Ga. Foundation Financial Group maintains mortgage operations headquarters in Atlanta and executive headquarters in Jacksonville. Founded in Atlanta in 1998, Foundation Financial Group offers mortgage refinancing and first-time buyer lending through traditional financing, as well as Federal Housing Administration and other government-backed home loan programs. Foundation Financial Group enjoys an industry-leading Federal Housing Administration compare ratio and an A+ rating from the Better Business Bureau, the highest accreditation the BBB gives. For more information, call 866-334-1001 or go to .
Foundation Financial Group logo:
http://www.ereleases.com/pic/FFG-logo.jpg
For additional information, interview and image requests, contact public relations firm AXIA Public Relations at 866-999-2942, ext. 700.
Media Contact:
Eric Cravey
AXIA Public Relations for Foundation Financial Group
904-425-6652, ext. 310
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