In February 1993, after opening a centralized Pittsburgh mortgage office for a Fortune 500 Company, Ed Rizor formed Equity Resources, Inc. with the intention of brokering first mortgage loans. Due to strict licensing for mortgage brokers by the State of Ohio, licenses were applied for and received and the first office was opened in May 1993. In January 1994, licenses were applied for and approved in Pennsylvania and Equity Resources opened its first office in Pennsylvania under the DBA Pennsylvania Equity Resources. William Skerbetz was the first employee hired in February 1994 and he managed and brokered loans from the Pittsburgh office.
As business increased for Ed in Ohio and more lender programs were added, Ed hired his first Ohio employee in March 1994, Kelly Maltby Welch. Kelly brought several years of banking experience with her when she relocated from Cleveland to Newark and began with the company as a loan officer. Equity Resources incorporated in June 1994 and is now Equity Resources, Inc. In Pennsylvania, the license was approved with a slight variation in the name as Pennsylvania Equity Resources, Inc., an Ohio Corporation.
Beginning in January 1995, hiring was increased in Ohio by adding additional loan officers and loan processors. We negotiated a larger office space on the 3rd floor of the building we were located at to accommodate the increase in production. In 2002, Ed and Tracy Rizor purchased the building we are currently located in and renovated it. Our corporate headquarters remain in Newark, Ohio. In 1996, our Pennsylvania office expanded as well and moved to Carnegie, Pennsylvania (near Pittsburgh) and added employees to serve the influx of business that was being generated in that market.
Since 1996, Equity Resources, Inc. moved from brokering loans to a mortgage banker. We are a Freddie Mac, Fannie Mae and Ginnie Mae Seller/Servicer. We fund 100% of our own loans and maintain next day in-house underwriting turn times. We are currently licensed in 17 states plus the District of Columbia and have branch offices located in Ohio, Florida, Michigan, Pennsylvania, Maryland, Massachusetts, Connecticut, North Carolina and South Carolina. We specialize in consumer lending and offer Conventional, Jumbo, FHA, VA and USDA financing along with Construction to Permanent Loans, Renovation Loans and State Bond Programs.
Equity Resources, Inc. bases its business model on our proven commitment to improving the lives of families through raving fan customer service. Simply put we want to always be one step ahead of the industry; service that leaves the customer pleasantly surprised and passionate about our services, thus creating a “raving fan.” We learned a long time ago what being a truly great lender is all about: 1) Create select relationships with key individuals and organizations; 2) Deliver a positive, memorable experience; and 3) Work with honesty and integrity. That is what creates “raving fans” and that is how we have grown into the successful company we are today.
The first two employees, William Skerbetz and Kelly Welch still remain as employees today. We also have employees that have been in our company 10+ and even 20+ years due to the quality culture and integrity of the company.