Former First Magnus employees open new business

With the collapse of Tucson-based mortgage giant First Magnus in August, more than 5,000 people across the country lost their jobs.

But Irene Mattingley, manager of the new Home Loan Executives in Green Valley and a former First Magnus manager, says she and her co-workers were fortunate enough to stay up and running.

Unlike many former First Magnus employees who have had trouble finding jobs in the industry, Mattingley remained in her same Continental Shopping Plaza office.

“When First Magnus closed, it happened on a Thursday, and by Monday, we were under the new company name of Home Loan Executives,” she said. “We still have the same original staff,” she said.

“Everyone has been very supportive and very kind, stopping by to wish us well and let us know they were happy we’re still here,” said Mattingley, who has 23 years of experience in the mortgage business.

Mattingley had worked in Green Valley with Charter Funding, the retail branch of First Magnus Financial, for nearly 10 years. She moved to Green Valley from Tucson two years ago and says she’s the third generation of her family to relocate to the area.

“I love this community, and I’m committed to the people here,” she said.

With Home Loan executives, loan officers will be able to provide more services than before, she said. More typical mortgage programs, such as 30-year-fixed, 15-year-fixed, Interest Only and Low Documentation loans, are still available.

But Mattingley said she’s excited about a new Reverse Mortgage program, which is headed by new employee Kevin McAree. Many Green Valley seniors have substantial equity because they pay cash to purchase homes. Reverse mortgages, she said, allow seniors to access home equity in one lump some or in multiple payments.

Like other mortgage companies, Mattingley is also branching out into the cyber world, with clients able to apply online.

“There’s no set time in real estate. We want people to be able to contact us at all hours.”

When asked if she’s worried by the current slump in housing market, Mattingley said she was unfazed.

“I don’t really believe in the ‘doom and gloom’ you hear all the time about the mortgage and real estate industry. It’s easy to just focus on the negative without seeing that there’s still a lot of positive out there,” she said.

“I’ve seen the market in a slump, and I’ve seen it come back up — it’s a very cycled business,” she said. “I know that this area has a lot of room for growth and I feel very positively that people will still want to come out here and retire.”

jrichardson@gvnews.com | 547-9726