“We have expanded rapidly across the United States and part of that success is due to our position in the VA market,” said Joseph S. Restivo, President and Co-Founder of AmNet. “This business is fundamental to AmNet’s growth.
SAN DIEGO (PRWEB) March 04, 2021
Mortgage banker American Mortgage Network (AmNet), a 100% employee-owned company (ESOP), is celebrating its second anniversary, achieving phenomenal growth of 900% year over year, thanks primarily to the dedication of its employee owners. Low mortgage rates and the rising demand for homes have also helped the company to achieve its goals.
Unlike a number of other ESOPs, AmNet was created in a unique way. During 2019, Joseph S. Restivo and David W. Wallace, founders of the ESOP, supplied the initial ESOP equity and then pledged their ownership shares to the ESOP. All the equity in the company is distributed through an employee stock ownership plan. The key principle behind the ESOP is to build retirement income for employee owners and keep a loyal workforce that is insulated from the ups and downs of the mortgage industry.
“We have expanded rapidly across the United States and part of that success is due to our position in the VA market,” said Joseph S. Restivo, President and Co-Founder of AmNet. “This business is fundamental to AmNet’s growth. We’ve created partnerships that encourage home ownership among veterans. Many of our employees are former members of the military and understand what is needed in that mortgage lending marketplace.”
The volume of mortgages backed by the U.S. Department of Veterans Affairs (VA) has nearly doubled from 2019 to 2020. It was the first time the VA has issued more than one million mortgage loans in a year. VA loans require flexible down payment options and have less stringent credit score requirements.
“AmNet’s growth has exceeded 900% year1over-year,” noted Dave Wallace, co-founder and EVP. We began the operation with five employees in 2019, and we are now a team of over 140, licensed in 29 states. We are a low-cost producer with low overhead. And, our Web-based technology allows us to operate from anywhere so there is minimal brick-and-mortar investment. “
About ESOP American Mortgage Network
American Mortgage Network (AmNet) is an employee-owned company (ESOP) whose core business is originating primary residential mortgages. AmNet offers a full suite of purchase and refinancing products. It is a recognized leader in the VA market. AmNet targets all qualified borrowers for product offerings and is committed to fair lending practices. The company is now licensed in 29 states. Visit us to learn more at https://amnetmtg.com/