Summary
Cover Report: Business Strategies - Principal Residential Mortage - Statistical Data Included
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Principal's level-headed growth.
Des Monies, Iowa-based Principal Residential Mortage posted stunning gains in the origination and servicing rankings last year. It ended 2000 as the country's 26th-largest originator, but by year-end 2001 it had jumped to the 12th spot. Organic growth is the secret, along with one well-timed acquisition.
"WE ARE GOING TO TAKE THIS THING TO WHOLE NEW level iN 2002," says Paul Bognanno, president and chief executive officer of Principal Residential Mortgage, Inc., Des Moines, Iowa. That would actually be a nifty trick for Bognanno, since he already elevated Principal Residential Mortgage to a whole new level in 2001. After all, how many new levels are there? And those big leaps forward do get more difficult as the numbers get larger. While it's true the current low interest rate environment has made a lot of lenders look like supercorporations, just a couple of savvy decisions by Bognanno back in the 1990s positioned Principal Residential Mortgage to make huge strides, even measured against its peers. ...See the full content of this document
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