| Union Mortgage Corporation was founded in 1983. Originally called Multi-Family Resources, Inc., it was organized for the purpose of originating, underwriting, processing and closing multifamily loans throughout the United States. From its inception until 1990, MFR originated almost $1 billion of mortgage loans on behalf of its 23 client banks. Most of these loans were sold to Freddie Mac with servicing retained by the banks. With Freddie Mac phasing out of the market in 1990, MFR originated very few new loans for a period of two years.
In early 1992 MFR reactivated its origination pipeline on behalf of pension investors. In 1993 it changed its name to Union Mortgage Corporation and revived its membership in the Mortgage Bankers Association of America. The company expanded its operations by opening offices in Atlanta and West Palm Beach. The following year Union expanded beyond its pension clients and became an approved correspondent for several Wall Street Conduits.
During the last five years years, Union has strengthened its position in the market by expanding its lending capabilities with more loan types covering a greater variety of properties. It has also broadened its business base by providing additional office locations and services. Union remains a national lender committed to its long tradition of personal service.
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