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Central Pacific Mortgage Co., the area's 11th-largest mortgage banker, has a local owner again.
John Courson, the Folsom company's president and chief executive officer for a decade, bought the company from Citigroup's mortgage division for an undisclosed sum in a deal that closed June 30.
Central Pacific Mortgage originates, closes, funds and sells residential mortgage loans. Founded 23 years ago, it employs 700 in 100 branches in 24 states.
It has 150 workers in the four-county area, including 85 people at corporate headquarters near Folsom's outlet mall.
In 1999, the company's local 12 offices plus its Yuba City branch recorded about 2,150 loans for a total value of $220 million.
The purchase comes at a challenging time in mortgage banking. Sixty percent of the market has dried up because homeowners aren't refinancing their loans, with today's higher interest rates. And mortgage lending has...