Metrociti, Dearden’s Team Up to Market Mortgages to Latinos

Metrociti Mortgage Corp. has teamed up with Dearden’s furniture stores to market mortgage lending products and services to Latino consumers.

The joint venture, to be called Mi Casita Mortgage (my little house), matches the services of Metrociti, a privately held mortgage company based in Encino, with the Latino consumer knowledge of Dearden’s.

Mi Casita Mortgage outlets will be located in Dearden’s stores, and promotional efforts will also include direct mail and other targeted advertising.

Dearden’s was founded by Englishman Edgar Dearden in 1910 and now exclusively provides Latino consumers with furniture, electronics, appliances--and credit--from six locations in Los Angeles and Orange counties. It also offers travel and free check-cashing services.

The push is part of a Metrociti goal to increase Latino home ownership to 70% in the next seven years. Nationwide, 46.7% of Latinos own their homes, contrasted with 67.7% for the overall population, Census Bureau figures show.

This year, Metrociti will fund more than $1.5 billion in residential mortgage loans from 17 branches across the Western United States.