|
When Patrick Conners first started working at Signal Finance, it was a regional purchaser of privately held mortgages and remained regional throughout its existence, although the region it covered expanded to several states. Eventually, Signal was purchased by Philadelphia National Bank and thus became one of a very few secondary mortgage buyers to be a part of a traditional funding institution.
Conners continued with PNB for many years, and eventually Signal was sold to The Associates Financial Services Co., Inc. and became The Associates Private Mortgage Operation. Conners finally retired from PNB but retained his interest in the private mortgage industry, first advising and then accepting the position of CEO at what was Fiduciary Funding, Inc. He immediately brought on board many of the same people who had helped him build Signal Finance, a relatively small firm, into what became The Associates Private Mortgage Operation.
Pioneer Pat Conners led a small company that purchased private mortgages long before it was a significant market and made that company profitable enough to be an attractive acquisition for a major traditional financing institution. He continued to build the company into a major force in the private mortgage industry until it was acquired by the enterprise that is was considered the second largest private mortgage funding source in the U.S.
|