Fairfax, Virginia (October 25, 2013) – Lender Service Provider, LLC (“LSP”) announced today it has expanded its group of member mortgage lenders to include Intercoastal Mortgage Company (“ICM”) and Atlantic Coast Mortgage, LLC (“ACM”). The original member companies – Potomac Mortgage Group, Inc. dba MVB Mortgage (“PMG”), a wholly-owned subsidiary of MVB Bank, Inc., and First Heritage Mortgage, LLC (“FHM”) – formed LSP in 2011 in an effort to provide a cost effective, collaborative solution to administrative functions supporting both origination platforms. Aside from its headquarter offices in Fairfax, Virginia, LSP has an operations center located in Birmingham, Alabama.
Founding members H. Edward Dean III, President and CEO of PMG, and Alex Wish, President of FHM, commented on the uniqueness of their platform:
“The membership expansion of LSP to include both ICM and ACM is a tremendous addition to the company,” said Dean. “The collaboration among our four entities is a first for the mortgage industry.”
Wish added, “The mortgage industry’s expanded focus on compliance is significantly increasing costs. To have these four companies come together with a unified commitment to provide effective compliance controls and administrative support, and to further develop technology for the mortgage lending industry, is exciting.”
The two new member companies echoed the founding members’enthusiasm.
“From our perspective as a lender in the Metro DC market, the opportunity to have direct access to LSP’s support functions was a must. We are very excited to be a part of this new collaboration, and the possibilities of further developing the LSP platform while continuing our focus on regulatory requirements,” said Tom Pyne, President and COO of ICM.
Timur Tunador, President and CEO of ACM added, “The platform that LSP provides is essential to ensuring that our company remains at the forefront of a challenging and ever-changing business.”
“The support provided by these additional members will be significant as we continue to develop our technology and service offerings at LSP,” Dean said.
LSP launched its operations in early 2012. With the addition of the new members, each will now own 25% of the company. LSP provides support to its member mortgage lenders in the following areas: Secondary Marketing, Post Closing, Compliance, Quality Control, System Administration, IT and Accounting.
Each member company will continue to control its own loan origination, processing, underwriting and closing functions.