BANKING/FINANCE : Newport Mortgage Banker Doubles County Offices for ‘Localized Presence’

After building a network of mortgage banking offices throughout California and three other states, the Hammond Co. of Newport Beach has intensified its effort in the county by opening two more offices to provide loans to builders, real estate brokers and home buyers.

The new branches in Mission Viejo and Orange give the publicly traded company 20 offices in California, including four in Orange County. The other two local offices are its headquarters and a branch in Cypress.

“It’s important to get a localized presence in mortgage banking,” said Frank G. Bassett, vice president for the firm’s Southern California operations. “If you don’t get involved in the community, you just don’t understand what’s going on.”

The company’s strategy is to compete with the big savings and loans on adjustable-rate loans, said Thomas T. Hammond, the company’s chairman and president. With $118 million in assets, the firm expects to provide $450 million in loans in the fiscal year ending Thursday.

The Mission Viejo office, managed by Frances Carroll, will concentrate loan sales in Mission Viejo, Laguna Niguel and Rancho Santa Margarita. The Orange office, managed by Edward DuPont, will provide loans in the northern county.