Schmidt Mortgage Company was originally established in 1940 as "Frank A. Schmidt & Sons" in Cleveland, Ohio with a focus on residential and commercial real estate lending as well as property appraisal and loan servicing. It was incorporated in its current form as Schmidt Mortgage Company in 1959. The company received approval from HUD as an unsupervised, fully approved, residential and multi-family FHA Lender and, in 1971, became one of the first 100 Lenders in the country to become approved as a seller servicer of the Federal National Mortgage Association, now known as Fannie Mae. All but one of the original owners of the company stayed until their eventual retirement from the company. The two youngest brothers directed and managed the majority of the business throughout the 70's and 80's from the nineteenth floor of the Terminal Tower on Public Square. During this period, commercial lending and appraisal activities were eventually phased out and the entire focus of the company became 1 to 4 family residential lending and servicing with a strong emphasis on FHA and VA guaranteed loans. By 1992, after 50 years in business and a long illustrious record of success, the company was sold to a group of private individuals who continued to grow and expand the business into wholesale lending. Loan volume grew to $181 million with 7 branch offices and a total of 48 employees in 2002. That same year, the company became a founding stockholder member of a national cooperative for mortgage lenders known as Lenders One. The phenomenal growth of the organization has offered the company negotiating leverage similar to that of any top ten lender in the country as well as outstanding training tools for staff members at all levels. On March 31st, 2010 Jeffrey E. Bode, an accomplished entrepreneur and business executive in the mortgage industry acquired 100% of the common and preferred stock, moving the corporate office to Addison, TX. The fundamental belief in hard work, high ethical standards, and the use of advanced technology are the foundation on which Schmidt Mortgage Company is based and will continue to grow upon. Schmidt Mortgage Company holds the following licenses and approval levels:
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TEXAS MORTGAGE BANKER DISCLOSURE PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV. |
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