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Management Message
Bayview Financial was founded in 1978 as Reserve Financial Trading Group, an advisory group to the mortgage banking industry on servicing, sales, valuations and mergers and acquisitions. It was not until 1993 when Reserve Financial was purchased by its principals that the name was changed. By that time, the company had changed dramatically as well. No longer just an advisory group, Bayview Financial had become a full-service mortgage finance company.
Over the years, Bayview has continued to be a dynamic player in the mortgage finance and real estate markets. While Bayview's products and services cover a broad spectrum, our focus on real estate markets is unwavering.
In addition, while most of the mortgage industry is both highly cyclical and highly competitive, our focus on relatively non-cyclical niches with high barriers for entry has over time, created a valuable franchise. This niche strategy, which has enabled us to play to our strengths rather than trying to be all things to all people, has been a key factor in our success.
Our clients and business partners have benefited from our decision to maintain a significant equity stake in the assets we underwrite. Because we use our own capital to make long-term investments for our portfolio, our approach to underwriting is highly disciplined, and our quality control and loss mitigation standards are rigorous. As a privately held firm that deploys its own capital, we have a truly long-term perspective on our investments.
Our employees have benefited from this approach as well. Representing some of the most talented professionals in our industry, our employees by and large believe you get out what you put in. They not only take pride in their work but also take ownership over their contributions and the impact of those contributions on the company. As a result, Bayview is driven from the inside-out--constantly evaluating new opportunities and always moving forward.
Looking forward with confidence, we see ample opportunities for growth in each of our businesses. We plan to pursue these opportunities as we have in the past, by exercising our core strengths — the commitment of our people, our growing presence in the market niches we serve, our underwriting and servicing capabilities and our strong capital base. With this goal in mind, we will continue to provide best-in-class underwriting and loan servicing capabilities to our customers in the U.S. and abroad, building on our reputation for excellence and our high standards of service.
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| David Ertel, Chairman & CEO | David Quint, President & COO |