New firm rises from Midlantic sale - Midlantic Home Mortgage Co. becomes MidCoast Mortgage Corp

Real Estate Weekly, June 10, 1992

Midlantic Home Mortgage Company (MHMC) has been sold by Midlantic Banks, Inc. and has emerged as Mid-Coast Mortgage Corporation.

The firm was purchased by the investment/capital firm TA Associates, headquartered in Boston, MA, along with a group of senior management investors.

Founded in 1958 as Colonial Mortgagee Corporation by current president, William Hirschfeld, the company initially originated loans solely in New York State out of four branch offices. After the purchase by Midlantic in 1983, it began originating loans in New Jersey, and within a few years Pennsylvania as well. At that time, MHMC was servicing a mortgage loan portfolio of almost $600 million from six branch locations. By December 31, 1991, the Company's servicing portfolio, including subservicing assets, attained a principal balance of nearly $5.3 billion.

Headquartered in Melville, New York, with 13 operating retail locations in New York, New Jersey, and Pennsylvania, MidCoast Mortgage Corporation is one of the largest independent servicing mortgage companies in the Northeast United States. The company employs some 400 people. MidCoast enjoys a low turnover rate resulting in high degree of both employee loyalty and customer satisfaction.