Rubicon Mortgage Advisors, LLC: A Case Study

Rubicon Mortgage Advisors, LLC is currently licensed to operate in five states, with the corporate office located in Edina, Minnesota. Rubicon Mortgage Advisors, LLC was formed June 26, 2006 in the State of Minnesota and became licensed as a money broker in the State of North Dakota on April 7, 2011. The Licensee has two North Dakota branch offices located in Bismarck and Grand Forks. The Bismarck, North Dakota office employs three Mortgage Loan Originators Wyatt Pollert, Jill Krueger and Nate Watson. The Bismarck office also employs on Mortgage Loan Officer Assistant Nichole Sarkilahti and one Intern Joey Gebhardt. The Grand Forks, North Dakota office employs one Mortgage Loan Originator Ann- Marie Morrow and one Intern Melissa Montgomery.
Rubicon Mortgage Advisors, LLC is owned by Brian Call (85%), Chris Duffert (5%) and Matthew Grant (2.50%) and Wyatt Pollert (2.50%).

Rubicon Mortgage Advisors, LLC processes and funds residential real estate mortgages, and also operates as a short-term correspondent lender, the resulting mortgages are sold to investors and serviced by other financial institutions. Its principal market is the United States. The Licensee engages strictly in the origination of residential mortgage loans. Rubicon Mortgage Advisors, LLC has warehouse lines of credit through Coastal States and Florida Capital Bank. The maximum credit limits are $3,000,000 and $8,000,000 respectively. As of year-end 2012, the Licensee originated 121 mortgage loans in North Dakota with a total loan volume of $20,444,054. As of year-end 2013, the Licensee originated 151 mortgage loans in North Dakota with a total loan volume of $26,329,982. As of year-end 2014, the Licensee originated 181 mortgage loans in North Dakota with a total loan volume of $37,864,113

An audited financial statement provided to the Department as part of the examination information request details the Licensee’s financial position as of December 31, 2014: