has been recorded by Oak Tree Mortgage Corp. of Oklahoma City in its
portfolio of mortgage loans since the firm was acquired by Landmark
Land Co. in late 1986, and more growth is expected.
The company is projecting it will originate $235 million in
mortgage loans this year, said Lee G. Fisher, president of Oak Tree
Mortgage. The growth is the result of capitalizing on a broader base
and wider diversification through its Carmel, Calif., parent firm,
Beyond that, Oak Tree Mortgage is attempting to expand its
banking relationship by establishing contracts with banks in Kansas
City, Mo., and Kansas City, Kan., and through a program with The
Bankers Bank in Oklahoma City, Fisher said.
The mortgage firm could be servicing banks in the Kansas City
area within 60 days, he said.
Oak Tree's portfolio reached $709 million at the end of the
first quarter of 1988, up from $210 million in November 1986, when
United Bankers Mortgage Corp. was purchased and renamed Oak Tree
Mortgage. It also was up 4 percent from $682 million at the end of
As a result, Oak Tree Mortgage now employs now 140 persons, said
Fisher. That's up from 56 when the firm was purchased from United
Oklahoma Bank, which later failed.
The firm is now working with 60 Oklahoma banks and 19 in the
middle section of Kansas, compared to the five Oklahoma banks when
the company was organized in 1979.
This year, Oak Tree has exceeded its production projections each
month, said Fisher.
At the end of March, the latest month available, Oak Tree had
$50.5 million in loan closings, up 13.4 percent from the anticipated
$44.5 million, he said. The average loan amount reached $55.5
million in March, up 6 percent from $52.3 million in January 1987.
As a result of the acquisition, Oak Tree is now equally spread
out between California, Florida and Louisiana, said Fisher.
"When the refinancing boom stopped we were able to pick up loans
in other areas," he said. "The presence of Landmark in Louisiana,
California and Florida has really helped us."
Another contribution occurred in April 1987, when Oak Tree added
more than $250 million to its portfolio by taking all of the single
family residential mortgage loans originated by Dixie Savings and
Loan Association of Louisiana.
Landmark's two thrifts, Dixie and St. Bernard Savings and Loan,
also of Louisiana, were reorganized, and two new thrifts were formed
this month. …