Syracuse [1] Securities, Inc., after completing a 44-year run as a leading mortgage lender in New York State and closing more than $4 billion in residential mortgages, will be handing over the reins to Premium Mortgage Corp. Syracuse Securities will complete all loans in its pipeline, maintaining their long-standing commitment to customer service.
"Syracuse Securities was a pioneer in mortgage banking, being an early recipient of a New York State mortgage banking license and became the template for the structure of many modern-day mortgage banking operations," the company said in a release. "After what can only be regarded as a phenomenal run in an unforgiving and highly competitive business, the company has seen its share of market changes over 4 decades by surviving interest rates in the teens through the 1980s and more recently surviving the financial crisis of 2006-2008."
Syracuse Securities was incorporated in 1963 by the late E. Carlyle Smith as an offshoot of Longley-Jones Real Estate. In 1975, Julie Smith began to operate a mortgage origination/mortgage servicing business, for several different New York State banks. Larry Smith joined the Syracuse Securities operation in 1978, with instructions to have the company become an FHA and VA lender, as well as a conventional loan seller servicer for both Freddie Mac and Fannie Mae. David Smith joined the firm in 1984 and quickly, Syracuse Securities became the leading Independent Mortgage Banker in Central New York and remained in that position for decades.
Current Syracuse Securities loan officers, as well as some staff will transition to Premium Mortgage, and continue to operate out of Syracuse Securities' East Syracuse, Skaneateles, and Cazenozia locations.
Mike Donoghue, President of Premium Mortgage, said: "I am honored the Smiths would provide me this opportunity to expand our Syracuse presence. The changeover should be quite seamless as we both operate a very similar model."
Larry Smith, President of Syracuse Securities, said, "We are pleased that Premium Mortgage is interested in expanding their operations further into the Syracuse market via the merging of their mortgage professionals with ours."