Grand River Commerce in Grandville, Mich., has formed a mortgage company.
The $527 million-asset company said that Grand River Mortgage has a national platform.
Bob Bilotti, the company’s chairman, president and CEO, told MiBiz that the mortgage company should secure licensing in about 46 states by early 2023. About 60 people work for the mortgage company, which was backed by more than $8 million of capital.
The mortgage industry “has gone through a few months of turmoil and we are in a constant phase of adjusting to the circumstances to best capitalize on the opportunities that are there,” Bilotti told the publication. “We are gaining traction and momentum and are seeing improvement, so we remain optimistic.”
Stephen Romano is running the business from Naples, Fla.