RENO — Mason-McDuffie Mortgage Corp. expanded into Nevada in May, opening an office at 10389 Double R Blvd. in the Damonte Ranch area of the southern Reno suburbs.
Beverly-Ann Babcock, a veteran of 31 years in the mortgage business, is managing the Reno office.
The sharp drop in housing prices in the Reno area has brought both first-time homebuyers into the market as well as people who held off buying in the last few years because homes were either unaffordable or priced too high to warrant their investment, she said. Babcock reported she’s also seeing parents buying entry-level homes for their adult children.
Headquartered in San Ramon, Calif., Mason-McDuffie started in 2005 with 12 employees in two offices in Colorado and San Ramon. The Mason-McDuffie brand dates to 1887 in the real estate business and the current company is the third iteration of the name in the mortgage business.
The company now employs more than 230 people in branches located in seven states: California, Colorado, Indiana, Hawaii, Arizona, Nevada and Oklahoma.
In 2009, it closed almost 2,800 loans valued at more than $700 million, twice the value of the loans closed in 2008. Loan volume was up 35 percent year-over-year for the six months ending in March.