Homestead Funding - Our History — A Window Into The Future

Homestead Funding Corp. can trace its roots back to United Mortgage Services, a registered NYS Mortgage Broker based in Niskayuna, NY. This up-and-coming mortgage company was the creation of Mike Rutherford, Homestead’s founder and Chief Executive Officer. The company started with six loan originators supported by an office manager and a loan processor.

During this challenging time for the economy, these early years tested the resolve and resourcefulness of Mike and his young management team. In late 1988, United Mortgage Services merged with Builder’s Funding Corp. Mike recognized the growth opportunity provided by the mortgage banking license held by Builder’s Funding and successfully blended the talented staff of both companies and renamed the company United Builder’s Funding Corp. Then in 1991, Mike within a period of less than two weeks merged his entire staff from United Builder’s Funding with Homestead Financial Services, a licensed Mortgage Bank in Albany, NY.

Over the next few years, Homestead Financial Services prospered in the Albany market; and in 1994 Mike secured his own NYS mortgage banking license with Homestead Financial investing as minority owners. Mike incorporated Homestead Funding Corp. in February 1994. On January 1, 1995, Homestead Funding opened for business and an exciting new chapter in the company’s story began. That year, Homestead Funding, which had grown to forty employees, originated 160 million dollars in residential mortgage loans.

By May 1998, Homestead Funding Corp. had continued its strong expansion pattern; and on the day we moved to our current main office at 8 Airline Drive in Albany, NY there were over one-hundred mortgage professionals calling Homestead home. In July of the same year, Hudson River Bancorp purchased a minority interest in Homestead, providing us with the capital infusion needed to leverage larger warehouse lines and continue the steady growth track the company had been on.

August 2000 saw Homestead expand its geographic footprint when several former loan origination offices of Republic Bancorp., located in New York, Connecticut and Massachusetts joined our team.

From 2000 to 2005 Homestead Funding Corp. invested in new technology, expanded our IT department, launched an in-house marketing department and hired a full-time corporate trainer to support our growing network of loan originators.

Over the years, Homestead Funding Corp. has successfully adapted to changing circumstances and emerging challenges by recognizing and rewarding the efforts and achievements of the employees. We have originated billions of dollars in residential mortgage loans and offer experience serving the unique needs of a diverse market place in multiple states.

Today, Homestead Funding Corp. is the dominant independent mortgage lender in our primary marketplace. We continue to grow, adding more branches in multiple states and hiring qualified and caring mortgage professionals to represent our company. We have over two decades of positive company history to view our future with confidence and optimism.