First Mortgage Corporation

Type: Private
On the web: http://www.firstmortgage.com
Employees: 180

First Mortgage issues and purchases mortgage loans. Founded in 1975, the company originates its loans, which are for both the purchase and refinancing of single-family residences, offering conventional, jumbo, and nonconforming loans, as well as loans backed by the Federal Housing Administration (FHA) and the Veterans Administration (VA). First Mortgage has about 15 offices in California. The company is also an approved lender of the state's Public Employees' Retirement System, its State Teachers' Retirement System, and the state Housing Finance Agency.

Key numbers for fiscal year ending March, 2007:
Sales: $14.0M

Officers:
Chairman and CEO: Clement (Clem) Ziroli
President and COO: Bruce G. Norman
Manager Reverse Mortgage: Mortgage Banking & Related Services

Competitors:
Bank of America
Countrywide Financial
Guild Mortgage

Mortgage creating a primary lien against real property, and having priority over subsequent mortgages, which are known as junior mortgages. It is the first to be paid when the property is sold. See also Home Equity Loan; Second Mortgage.

A Mortgage that has priority as a Lien over all other mortgages. In cases of foreclosure the first mortgage will be satisfied before other mortgages. Also called Senior Mortgage. See Junior Mortgage, Second Mortgage.
Example: A property costing $100,000 is financed with a first mortgage of $75,000, a second mortgage of $15,000, and $10,000 in cash. If the borrower Defaults and the property is sold upon foreclosure for $80,000, the holder of the first mortgage will receive the full amount of the unpaid Principal plus legal expenses. The second mortgage holder will receive any excess after the first mortgage has been satisfied.

A security interest in property which takes precedence over all similar interests in the same property.