Oak Tree Mortgage Corp. Portfolio Up 238 Percent / since Acquisition by Landmark Land
Marsh, Kimberly, THE JOURNAL RECORD
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, said Fisher.
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 1987.
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. …