Magellan Mortgage Services, Inc.

Magellan Mortgage was founded in 1990 by Lisa Wilkinson who was insightful enough to foresee the advent of a new era in mortgage financing. In 1990 there were very few entirely independent mortgage companies. Most people got their mortgages through banks and Savings and Loan institutions. However, as many people were beginning to shift their savings away from banks and into mutual funds and money market accounts the balance shifted. The demand for mortgage backed securities grew at an incredible rate, and banks were making so much money on their mortgage portfolios that it was easy for independent mortgage companies to undersell them. As the independent mortgage companies market share grew, the banks resisted with all their might. They tried to use their massive political contributions to regulate the independent mortgage companies out of business and have gone so far as establishing entirely new divisions within their corporate structures to try and copy the independents. Despite their considerable efforts independent mortgage companies today account for over 80% of mortgage originations in America. This has come about because we offer better service at a better price. As one of Alabama's oldest independent mortgage companies Magellan Mortgage is committed to that very end;