Union Capital 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 Capital 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 years Union expanded beyond its pension clients and became an approved correspondent for several Wall Street Conduits in the early days of commercial securitization.
During the last few years coinciding with the wave of economic recovery, Union has expanded beyond its traditional lending criteria, product types and locations. Redevelopment of older properties, some with historic aspects, has become an important focus. Through good times and recessions, Union has remained a strong and diversified company committed to its long tradition of quality personal service to its clients.