Press Releases
ESOP American Mortgage Network Celebrates Second Anniversary and is Recognized as a Leading VA Lender
– March 4, 2021San Diego, CA (PRWEB). March 4 – Mortgage banker American Mortgage Network (AmNet), a 100% employee-owned company (ESOP), is celebrating its second anniversary, achieving phenomenal growth of 900% year over year, thanks primarily to the dedication of its employee owners. Low mortgage rates and the rising demand for homes have also helped the company to achieve its goals.
Unlike a number of other ESOPs, AmNet was created in a unique way. During 2019, Joseph S. Restivo and David W. Wallace, founders of the ESOP, supplied the initial ESOP equity and then pledged their ownership shares to the ESOP. All the equity in the company is distributed through an employee stock ownership plan. The key principle behind the ESOP is to build retirement income for employee owners and keep a loyal workforce that is insulated from the ups and downs of the mortgage industry.
“We have expanded rapidly across the United States and part of that success is due to our position in the VA market,” said Joseph S. Restivo, President and Co-Founder of AmNet. “This business is fundamental to AmNet’s growth. We’ve created partnerships that encourage home ownership among veterans. Many of our employees are former members of the military and understand what is needed in that mortgage lending marketplace.”
The volume of mortgages backed by the U.S. Department of Veterans Affairs (VA) has nearly doubled from 2019 to 2020. It was the first time the VA has issued more than one million mortgage loans in a year. VA loans require flexible down payment options and have less stringent credit score requirements.
“AmNet’s growth has exceeded 900% year1over-year,” noted Dave Wallace, co-founder and EVP. We began the operation with five employees in 2019, and we are now a team of over 140, licensed in 29 states. We are a low-cost producer with low overhead. And, our Web-based technology allows us to operate from anywhere so there is minimal brick-and-mortar investment. “
About ESOP American Mortgage Network
American Mortgage Network (AmNet) is an employee-owned company (ESOP) whose core business is originating primary residential mortgages. AmNet offers a full suite of purchase and refinancing products. It is a recognized leader in the VA market. AmNet targets all qualified borrowers for product offerings and is committed to fair lending practices. The company is now licensed in 29 states. Visit us to learn more at https://amnetmtg.com/
American Mortgage Network, an ESOP, Establishes Operations Center in Phoenix
– November 18, 2020Phoenix, AZ. November 18 – American Mortgage Network (AmNet), a 100% Employee Owned Company,
announced today that it has chosen Phoenix for its new operations center. The mortgage company,
founded in late 2019, serves home buyers and brokers. The company is growing rapidly despite the
pandemic.
Phoenix employees are working from home throughout the COVID pandemic without interruption,
processing and closing home loans. The company’s proprietary technology gives it employees the
freedom to work from anywhere.
Unlike many other mortgage companies, AmNet has created a flat organization with little or no
bureaucracy. All employees are owners and know they have the power to act decisively. The result has
helped speed decision-making. AmNet keeps costs to a minimum with no fancy offices, consultants,
recruiters, or excess management. Digital processes streamline operational costs to further reduce
expenses.
“Phoenix has a great talent pool for mortgage professionals” noted Joseph S. Restivo, President and
CEO. “We are continuing to grow our business here and are actively recruiting all processing, closing and
underwriting positions in Arizona. We now have 27 people working in the Phoenix area.”
American Mortgage Network is the only Employee-Owned (ESOP) mortgage banking company with a
regional center in Phoenix. There are two ESOP companies headquartered in Arizona and 32 firms with
offices in the state.
The address of the center is: 1825 E Northern Ave, Suite 275, Phoenix, AZ 8502. For employment
opportunities, please visit Careers
American Mortgage Network and Active Duty Passive Income Join Forces To Support Veterans
– August 5, 2020SAN DIEGO, Aug. 05, 2020 (GLOBE NEWSWIRE) — Mortgage banker American Mortgage Network (AmNet), an employee-owned company (ESOP), has teamed up with Active Duty Passive Income (ADPI), an organization dedicated to helping those who have served in the military, both past and present. ADPI professionals have joined AmNet as employee owners. Read more
American Mortgage Network’s President and CEO Joseph Restivo Named HousingWire Rising Star.
– June 10, 2020CHULA VISTA, CALIF. (PRWEB) JUNE 10, 2020 Joseph Restivo tackled existing problems within the traditional mortgage industry and came up with fresh solutions–the result is the establishment of the new American Mortgage Network as a 100% employee-owned company (ESOP)… Read more
AmNet National Mortgage News
– November 13, 2019The American Mortgage Network name is being revived again, this time for a de novo company that will be 100% employee owned. The original company was founded by John Robbins and sold to Wachovia in 2005. Then in 2011, Bexil American Mortgage was started by Robbins and others; …. Read more
Startup Mortgage Company American Mortgage Network Forms a 100% Employee Owned Company (ESOP)
– November 13, 2019CHULA VISTA, Calif. (PRWEB) November 13, 2019 — American Mortgage Network (AmNet) announced today that a new mortgage company, serving home buyers and brokers, is being formed as a 100% Employee Owned Company (ESOP). An ESOP is an employee benefit plan and trust which owns shares of stock in the operating company… Read more
Markets Insider
– November 11, 2019CHULA VISTA, Calif., Nov. 13, 2019 /PRNewswire-PRWeb/ — American Mortgage Network (AmNet) announced today that a new mortgage company, serving home buyers and brokers, is being formed as a 100% Employee Owned Company (ESOP). An ESOP is an employee benefit plan and trust which owns shares of stock in the operating company… Read more