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First Magnus here has been looking to recruit mortgage originators based on its ability to offer the kind of resources associated with large, publicly traded companies in combination with the flexibility more frequently seen at small private companies, chief operating officer Karl Young said.
The privately owned company - which was ranked as the 18th largest wholesaler in the second quarter by the Washington-based statistical affiliate of this publication and which Mr. Young said has been transitioning to a large, custom-built headquarters to accommodate its growing staff - appears to be having some success with its origination business strategy.
That success is further magnified if one removes lenders that specialize in niche products from the list of the top 20 lenders and looks at the company's progress in the context of those that are "true national lenders with broad product offerings," Mr. Young said.
"Really there [are] 10 national leaders in that arena and we're one of those. The other nine are ... household names ... gigantic, publicly traded conglomerates. We're competing with all of [them] but we're a privately held company and we again have only been around for eight years," he said.
"We run this company very much like a small company. Clearly we're not [a small company] but that's a big...