Schmidt Mortgage

Schmidt Mortgage Company was originally established in 1940 as "Frank A. Schmidt & Sons" in Cleveland, Ohio with a focus on residential and commercial real estate lending as well as property appraisal and loan servicing. It was incorporated in its current form as Schmidt Mortgage Company in 1959. The company received approval from HUD as an unsupervised, fully approved, residential and multi-family FHA Lender and, in 1971, became one of the first 100 Lenders in the country to become approved as a seller servicer of the Federal National Mortgage Association, now known as Fannie Mae. All but one of the original owners of the company stayed until their eventual retirement from the company. The two youngest brothers directed and managed the majority of the business throughout the 70's and 80's from the nineteenth floor of the Terminal Tower on Public Square. During this period, commercial lending and appraisal activities were eventually phased out and the entire focus of the company became 1 to 4 family residential lending and servicing with a strong emphasis on FHA and VA guaranteed loans.