Bay Equity Names Spencer Richardson Director of Northwest Production

SAN FRANCISCO, CA--(Marketwire - Mar 28, 2012) - Bay Equity Home Loans, one of the San Francisco area's most respected and successful mortgage lending institutions and recently ranked No. 5 on the San Francisco Business Times list of the "Top 100 Fastest-Growing Private Companies" in the Bay Area, announced today that it has hired Spencer Richardson as its director of northwest production.

Richardson has focused his career in the Pacific Northwest and is now leveraging that experience to expand Bay Equity's presence in the market, a major initiative for the company. In his position Richardson is responsible for opening and overseeing the firm's new office in Tacoma and for driving its business development efforts throughout the Pacific Northwest.

"The Pacific Northwest is somewhat unique in that to make inroads in the region you need to have a strong presence on the ground; you can't do it remotely," said Casey McGovern, managing director of Bay Equity. "Spencer gives us that. He knows the area intimately and has built two extremely successful mortgage banks there. Washington and Oregon are critical to our growth, and under Spencer's direction we expect to grow our wholesale loan volume, open new retail branches and increase overall production."

Richardson brings more than 16 years of experience within the residential wholesale and retail mortgage banking business. As the founder of two mortgage banking companies, the first when he was just 23 years old, his management expertise includes secondary marketing, strategic planning, operations, underwriting and sales.

The address of the new Bay Equity office is 1119 Pacific Ave Suite 1100
Tacoma, Washington, 98402.

About Bay Equity

Bay Equity is a full-service wholesale and retail mortgage lending institution founded in June 2007 and headquartered in the heart of San Francisco's Financial District, one of the very few mortgage lenders actually located in the City by the Bay. Bay Equity also has operations centers in Pleasanton, California and Portland, Oregon and more than a dozen retail branch offices on the West Coast. In addition, Bay Equity has wholesale account executives covering the 10 Western States. To date the firm has funded more than 9,000 home loans totaling more than $3 billion and has grown to more than 190 employees. To learn more about Bay Equity, please visit our Web site at www.bayeq.com.