First Savings Mortgage Corporation (FSMC) is a privately held mortgage lender headquartered in McLean, Virginia. Established in 1989, FSMC has been dedicated to providing personalized and dependable mortgage solutions across the Washington, D.C. metropolitan area and the Mid-Atlantic region. The company's mission is to simplify the home financing process through exceptional service, innovative programs, and advanced technology, thereby supporting the dream of homeownership for its clients.
Key Strategic Focus
FSMC specializes in residential financing, offering a comprehensive suite of loan products, including Conventional, Jumbo, FHA, VA, Renovation Financing, Second Liens, and Bridge Financing. The company emphasizes in-house processing, underwriting, and closing, ensuring efficient and timely loan approvals. FSMC's primary markets encompass Virginia, Maryland, Washington D.C., Florida, Delaware, North Carolina, and South Carolina, with a particular focus on the Washington D.C. area.
Financials and Funding
As of July 2024, FSMC reported annual revenues of approximately $35 million. The company has closed over $46 billion in mortgages since its inception. FSMC operates as a privately held entity and has raised a total of $2 million in funding over one round.
Technological Platform and Innovation
FSMC leverages advanced technologies to enhance its mortgage services. The company's tech stack includes jQuery, OWL Carousel, Amazon Web Services, CFML, HSTS, X-XSS-Protection, Google Tag Manager, and Adobe ColdFusion. These technologies support FSMC's commitment to providing efficient and secure mortgage solutions.
Leadership Team
FSMC's leadership team comprises experienced professionals dedicated to the company's mission:
- Larry F. Pratt: Chairman and CEO
- David Alden: President and COO
- Jane Busby: Executive Vice President
- John Petraglia: Executive Vice President
- Debbie Polcyn: Executive Vice President
- Brackton Pratt: Senior Vice President, Production Manager
- Candace Asmar: Vice President, Secondary Marketing
- Peggy Clift: Vice President, Closing
- Martha Herrera: Processing Manager
- Jennifer Kadnar: Vice President, Post Closing
- Lis Park: Vice President and Chief Financial Officer
- Karen Yang: Vice President, Business Development Executive
- Marc Sandler: IT Manager
- Elyse Stooks: Assistant Processing Manager
Competitor Profile
FSMC operates in a competitive mortgage lending market, particularly within the Washington D.C. metropolitan area. Key competitors include:
- Guaranteed Rate: A national mortgage lender headquartered in Chicago, Illinois, offering a wide range of mortgage products and services.
- Alpha Mortgage: A regional mortgage lender with approximately 130 employees and revenues around $67 million.
- Huron Valley Financial: A mortgage company with about 90 employees and revenues of $22.1 million.
- Peoples Mortgage: A larger competitor with 482 employees and revenues of $131.4 million.
- Superior Mortgage: Employing 289 individuals and generating $12.9 million in revenue.
- Regency Mortgage Corp.: With 84 employees and revenues of $72.7 million.
Strategic Collaborations and Partnerships
FSMC is a participating lender for the DC Open Doors program, which aims to make homeownership more attainable for qualified buyers in Washington D.C. This partnership underscores FSMC's commitment to community engagement and support for local homebuyers.
Operational Insights
FSMC's strategic focus on in-house processing, underwriting, and closing differentiates it from competitors by ensuring efficient and timely loan approvals. The company's deep understanding of the Washington D.C. real estate market, combined with its comprehensive suite of loan products, positions FSMC as a leading mortgage lender in the region.
Strategic Opportunities and Future Directions
FSMC aims to continue expanding its market presence by leveraging technology to streamline the mortgage process and enhance customer experience. The company's commitment to personalized service and community engagement positions it well to capitalize on growth opportunities in the residential financing sector.
Contact Information
For more information, visit FSMC's official website:
FSMC's headquarters are located in McLean, Virginia.
