Stanwell Mortgage, multi-state mortgage banking company, purchased by Intermountain Mortgage

Business Wire, Dec 15, 1994

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Dec. 15, 1994-- Stanwell Mortgage, of Las Vegas, a 50-year-old mortgage lending organization, has entered into a definitive agreement to be purchased by Intermountain Mortgage of Colorado Springs.

Stanwell has offices in Las Vegas, Reno and Elko Nev.; Phoenix; Seattle; and Honolulu. According to Norm Peterson, president of Intermountain Mortgage, the new company is projecting loan volume of close to one half billion dollars in 1995, having closed over $475 million through November 1994.

The sale, subject to licensing and regulatory approvals, was entered into Dec. 2, 1994, to purchase the assets of Stanwell, a privately held company, from Mike Corrigan and the Corrigan family of Las Vegas. The company will continue doing business outside Colorado as Stanwell Mortgage. Integral to the terms of the purchase, Sean Corrigan will remain in Las Vegas as executive vice president overseeing all production outside of Colorado for Intermountain.

In addition, several employees of both Stanwell and Intermountain purchased stock in the new, combined entity. Sean Corrigan, Tom Hemmings and Scott Day join Norm Peterson and James Mendenhall as owners.

Day will be the executive vice president in charge of all operations and secondary marketing for the newly expanded Intermountain Mortgage. Hemmings is executive vice president and chief financial officer for the company, and Jean Daniell will continue as vice president, production manager for the Colorado originations.

This purchase comes on the heels of Intermountain's opening of Denver and Longmont, Colo., offices in October 1994. The new company employs 60 people in Colorado and 70 in all other states. The company headquarters will remain in Colorado Springs.

Peterson noted: "The addition of Stanwell's production capability greatly enhances our ability to serve an even broader population in the western United States. Today, we service loans in nine states." He added: "Our capacity to loan to a greater number of customers has increased dramatically with the addition of Stanwell. It increases our line of mortgage products and bank lines, giving us the ability to make larger and more diverse loans -- both wholesale and retail."

Intermountain will continue to originate loans and handle all work through closings as well as continuing to service a large portfolio of loans. The company is active in the wholesale arena through their work with over 100 correspondent lenders. Renaldo Jacques, vice president and servicing department manager, indicated Intermountain continues to be the largest servicer of bond loans in Colorado.

Intermountain's corporate offices are located at 5390 N. Academy Boulevard, Colorado Springs, Colo. 80918.

CONTACT: Praco Ltd., Colorado Springs

Lisa Ehrler, 719/473-0704