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hosWHO
CORRESPONDENT LENDING virtually vanished in the inancial
carnage o 2008, all-encompassing big guns like Countrywide and
Washington Mutual alling on their subprime swords and contribut-
ing to a wipeout o the space.
Most everyone in lending stopped extending purchase credit.
The nation was thrust into the throes o a oreclosure crisis and the
onus was on managing distressed portolios. Then came nascent,
stuttering recovery.
Little by little, were getting back to something resembling abaseline. Sort o. The re boom is sputtering along, close to its
end. And as the troubled purchase market bedeviled as it is by
new regulatory pressures and compliance imperatives struggles
into gear, lenders have been returning to the correspondent space.
Volumes are on the up. According to Mortgage Market Statistical
Annual data, 2006s top producers a list o 20 corr espondent
lenders were churnin g out nearly $1 trillion in loan volume. By
2008, the equivalent gure had halved, plunging to $474 billion.
But in 2010, vital signs o li e started to r eappear. A smaller eld
o top producers 15 in all combined to produce $606 billion in
correspondent loan volume. Looking ahead, as the eld opens up
into a broader arena o operatives, th e count appears to be pointed
in a northerly direction once more.
Over the last couple o years, new correspondent lendin g houses
have swung open their doors. So here at HousingWire, were taking a
closer look at what makes a orward-marching corres pondent lend-
ing provider. How are they ghting their way back? Is it a stron g par-
ent company? Is it process? Is it the rise o mini-corr espondents? Is
new technology pl aying a key role?
For example, the ever-prudent Guardian Mortgage took the leap
into the correspondent set or the rs t time just last year, taking up
a posture that errs on the s ide o caution and, seemingly, long-term
client relationship cultivation.
Those who consolidated in the wake o the nancial difculties,
like the by-all-accounts clever olks at Impac Mortgage, have dipped
their eet back in the water. Likewise, in terms o the numbers game,
some are shooting or the bigger leagues o unding volumes, while
others take a boutique approach, preerring quality over volume.
First Guaranty Mortg age Corp., or instance, estimates a unding
volume o $4 billion in 2014, targeting the spectrum o lender s, rom
broker to bulk. Guild Mortgage talks in terms o records. The San
Diego-based lender estimates $1 billion or its correspondent armnext year, but wants to rm up a national ootprint. C MG Financial,
meanwhile, cites $6 billion.
We are also seeing a rise within this re-emergence o the niche
correspondent lender. The mortgage industry knows the space
in question as mini-correspondent lending. In many cases, these
operators are one-time brokers bidding to nd a new space in the
re-aligning marketplace.
Some companies are also creating one-stop shops, providing the
unds in addition to buying and selling portolios o home loans.
Impac Mortgage is one rm that aligns a warehouse division along-
side its correspondent channel in a bid to boost production.
Then there are those showcasing the latest in tech advances,
those sotware options aimed at smoothing the lending process.
First Guaranty lauds its award-winning tech aids . Still urther, some
highlight the act they retain servicing rights over their mortgages.
Together, these are the kinds o characteristics setting HWs list
o correspondent lenders apart. And in some cases, it is also down to
the act they have a rather large parent, a s ource o stability, security
and, crucially, liquidity. You could say Prospect Mortgage and the
transcendent orce o Sterling Capital Partners is one case in point.
O course, not all have such luxury.
Regardless, in no particular order, this is our rundown and assess-
ment o 13 top companies.
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AFFILIATED
MORTGAGE CO.
P.59
List of
CORRESPONDENTLENDERS
P.58
BOFI FEDERAL
BANK
P.66
CMG
FINANCIAL
P.67
NEW PENN
FINANCIAL
P.69
LENDERLIVE
NETWORK
P.70
N E X B A N KP.71
IMPAC
MORTGAGE
P.68
EVERBANK
HOME LENDING
P.62
PROSPECT MORTGAGE
P.64
F
IRSTGUARANT
YMORTGAGECORP.
P.6
5
GUILD MORTGAGE CO.
P.63
GUARDIAN
MORTGAGE CO.
P.60
BOK
FINANCIAL
P.61
The
SHORT List
NextPage
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1. AllQuest Home Mortgage; Houston
2. Aliated Mortgage; Monroe, La.
3. BOK Financial; Tulsa, Okla.
4. Caliber Home Loans; Irving, Texas
5. PHH Mortgage; Mount Laurel, N.J.
6. CitiMortgage; Sioux Falls, S.D.
7. Cole Taylor Bank; Chicago
8. CountryPlace Mortgage; Addison, Texas
9. Fairway Mortgage; Plano, Texas
10. Gateway Mortgage Group; Tulsa, Okla.
11. Guardian Mortgage; Plano, Texas
12. Homeward Residential; Coppell, Texas
13. Interbank Mortgage; Lincolnshire, Ill.
14. Mortgage Services III; Bloomington, Ill.
15. Nationstar Mortgage; Lewisville, Texas
16. Nationwide Advantage; Des Moines, Iowa
17. NexBank; Dallas
18. Stonegate Mortgage; Mansfeld, Ohio
19. Wells Fargo; San Francisco
20. WestStar Mortgage; Woodbridge, Va.
21. Wintrust Financial; Rosemont, Ill.
22. AgFirst Farm Credit Bank; Columbia, S.C.
23. American Financial Resources; Parsippany, N.J.
24. Amerisave; Atlanta
25. BB&T Bank; Winston-Salem, N.C.
26. Chase; Jacksonville, Fla.
27. EverBank; Jacksonville, Fla.
28. Fith Third Bank; Cincinnati
29. First Guaranty; Tysons Corner, Va.
30. Flagstar Bank; Troy, Mich.
31. Florida Capital Bank; Jacksonville, Fla.
32. Franklin American Mortgage; Franklin, Tenn.
33. Freedom Mortgage; Mount Laurel, N.J.
34. Green Tree; Fort Washington, Pa.
35. Huntington; Columbus, Ohio
36. Independent Bankers Bank; Lake Mary, Fla.
37. M&T Bank; Bual o, N.Y.
38. New Penn; Plymouth Meeting, Pa.
39. Norcom Mortgage; Avon, Conn.
40. NXT Loan/First American; Brighton, Mass.
41. Peoples United; Bridgeport, Conn.
42. Provident Funding; San Bruno, Cali.
43. Quicken Loans; Detroit, Mich.
44. Sovereign Bank; Reading Pa.
45. SunTrust; Atlanta
46. The Money Source; Melville, N.Y.
47. U.S. Bank; Minneapolis
48. BoI Federal; San Diego
49. CMG Financial; San Ramon, Cali.
50. Gateway Bank; Oakland, Cali.
51. Guild Mortgage; San Diego
52. HomeBridge; Irvine, Cali.
53. Impac Mortgage; Irvine, Cali.
54. JMAC Lending; Irvine, Cali.
55. Kinecta Federal CU; Manhattan Beach, Cali.
56. MidAmerica Mortgage; Addison, Texas
57. Pacifc Union Financial, Irving, Texas
58. PacTrust Bank; Irvine, Cali.
59. Parkside Lending; San Francisco
60. PennyMac; Moorpark, Cali.
61. Plaza Home Mortgage; San Diego
62. Prospect Mortgage; Sherman Oaks, Cali.
63. Redwood Trust; Mill Valley, Cali.
64. Sierra Pacifc Mortgage; Folsom, Cali.
65. Stearns Lending; Santa Ana, Cali.
66. Sun West Mortgage, Cerritos, Cali.
Correspondents PICTURE OF A LENDING CHANNEL ON THE UP
THE FIELD OF CORRESPONDENT LENDING is burgeoning, despite the coming regulatory overhaul. Mortgage companies with correspondent
channels are springing up across the country, leading to the tentative recovery o a space that had been all but wiped out. This compilation o
companies is by no means a complete list o all the correspondent lending providers operating across the nation today, but it represents a large
chunk o those institutions with a presence in the eld.
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The COMPANY
Afliated Mortgage Co. has been buying up agency-
quality home loans rom a network o nationwide
lenders since 1983 a correspondent lending house
that expects to gobble up $3 billion to $3.5 billion
next year. Thats a projection that ta kes the rms
correspondent arm rom being Afliateds icing on
the cake, so to speak, to a level whereby it becomes
the companys bread and butter.
Its also a level o buy-up that would seem to put
it among the bigger players in the mid-region o the
correspondent space.The evidence rests in Afliateds 2012 balance
sheet, which showed correspondent lending as a
large portion o the companys overall lending.
Buttressing this operation since 2007, Dallas ar-
ea-based Benchmark Bank, itsel ounded in 1964,
is Afliateds parent company.
Over the course o 2013, the company has gradu-
ally spread its correspondent tentacles urther into
the marketplace.
In June, Afliated rolled out a division whose
sights are in part trained on micro-space o the mo-
ment: wholesale/mini-correspondent lending.
As HousingWire noted, this came at a time when
more and more mortgage companies were startingto seep into other areas o a tentatively recovering
mortgage space.
The addition o the wholesale/mini correspon-
dent division will provide Afliated Mortgage Co.s
clients with the entire suite o mortgage services,
Mike Barnett, chairman and CEO o Benchmark
Bank, said at the time.
In general, the company buys the ull comple-
ment o loan products on the correspondent side.
That includes conventional, FHA, VA and USDA.
We have delegated our in-house underwriting op-
tions or our lenders as well as an FHA Partnership
Program and the ability to purchase FHA test
cases, Afliated principals note.
The company targets community banks, credit
unions and smaller mortgage banking companies.
Lenders who are looking or a true correspondent
partner, the company says.
What sets the irm apart, says Vice Chair
Meredith Dorris, are what she calls unparalleled
personal services, which includes a lender-dedi-
cated account executive and in-house client rela-
tions representative.
Our lenders have access to all our person-
nel, rom the president to the underwriter to the
under, she explains. Our loan underwriting
and purchase turn times are consistently among
the best in the business.
The company believes it has an experienced team
backing up this service output that can consistently
deliver on stated standards.
The communication, knowledge and expe-
rience o our sta. Most o the team at Afliated
Mortgage have worked together in the mortgage
industry or over 15 years and have successully
navigated the changes in the business throughout
the years, the company says. We are well versed
in all aspects o the business and pride ourselves on
constant communication with our lenders.
TheEXECUTIVES
Meredith Dorris is the vice-chair o Ailiated
Mortgage. Dorris has more than 25 years experi-
ence in secondary markets and joined A fliateds
parent, Benchmark Bank, in 1996.
Her responsibilities include product develop-
ment, hedge company oversight and IT interace.
In the realm o the companys correspondent
business, she manages secondary sta or the
correspondent, retail and wholesale division o
Afliated Mortgage.Jason Beene is the company president. He began
his career at Benchmark Bank in credit analysis
and, later, business development and account man-
agement. In 2008 Beene shied to Afliated, where
he began overseeing credit risk.
He was named national sales manager i n 2009,
gaining promotion to president in January 2013.
In this role, Beene oversees all aspects o the com-
panys day-to-day business.
Kevin Payne is Afliated Mortgages senior vice
president and chie operating ofcer. Having accu-
mulated more than 28 years o experience in the
mortgage and nance industry, he joined A fliated
earlier this year.
Payne manages all aspects o the companys
daily in-house operations as well as having daily
involvement with sales, investor relations, client
relations and retail ulllment.
Address: Aliated Mortgage Co. Correspondent Division
1301 Hudson Lane, Monroe, L A 71201
Phone number: (866) 524-7946
Web: aliatedcorrespondent.com
Afliated Mortgage Co.Banker spreads correspondent wings in a slowly recovering space
The addition o the wholesale/mini correspondent division will provide
Afliated Mortgage Co.s clients with the entire suite o mortgage services.
Mike Barnett, chairman and CEO o Benchmark Bank
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WHO
WEAREWATC HI NG
The COMPANY
I ever there was a company well placed to encapsu-
late just how prophetic predictions have been over
the rebirth o correspondent lending, then Guardian
Mortgage is it.
Prudent and shrewd is how the company essen-
tially views itsel. Until launching its correspondent
lending division in 2012, the 48-year-old mortgage
lender had been completely ocused on retail.
During the subprime years, Guardian oen heard
we were missing the boat. There was easy money to
be made in throwing out the qualiying rules. Allalong, we opposed doing so. In the long run it would
be bad or the customers and thereore bad or the
company, said company principals who sit atop a
$2.5 billion servicing portolio.
The companys rapid growth in recent years is
the result o making the ha rd, right choices when
they were not the popular choices. Since 1965, we
have grown by reerral and those reerrals are made
due to the level o expertise and ocus on enhancing
the client experience.
And the R ichardson, Texas-based outt is pretty
clear on one point: We retain 100% o our servic-
ing by Guardian employees in Richardson not a
subservicer, says company CEO Marcia Phillips.Deeper stil l, there is meaning intended here rom
the boutique correspondent lending provider.
Guardian is a pure mortgage banker that doesnt
compete with our clients customers or other accounts
or cross-sell any other products, Phillips adds.
Which is an important thing to point out i you
possibly can as a correspondent player that deals
with primarily community banks, credit unions and
small- to medium-sized bankers.
Guardian, o course, resides on the smaller side o
the business. The company projects $250 million in
correspondent business or next year. But the com-
pany accentuates its boutique nature, aer all. It
plays in Texas, Oklahoma, Arkansas and Colorado.
Plans are in place to expand out o that ootprint,
but the company insists this particular region bears
opportunity with great volume and great quality.
But the company is also mindul o the precari-
ousness in the market that its correspondent cli-
ents will be orced to ace. In a recent interview,
Executive Vice President and Chie Administ rative
Ofcer Cari McCue quantied this reality in terms
o two major challenges.
One, transition to a market with less re oppor-
tunities as a result o rising rates, she said. They
will need an aggressive approach and strategy to
gain a share o purchase business. And two, our
clients will need to stay ahead o all o the CFPB
rules and regulations with regard to compliance
and quality.
The Guardian correspondent team includes
CEO Phillips, o course, and other leaders includ-
ing McCue and Executive Vice President and Chie
Business Development Oicer Marcus McCue.
Speaking at the launch o Guardians correspon-
dent side, Vice President o Business Development
Joe Collins pointed toward uniqueness in the com-
pany toolkit. There was a level o care not shared by
many others in the space, he said.That appears to be a commitment they are stick-
ing to more than one year urther down the road.
The EXECUTIVES
Marcia Phillips has devoted virtually all o
her proessional lie to helping build Guardian.
She acts as CEO o the independently owned
and managed company a role she assumed in
1988. She is also a longtime company director.
Phillips has guided the growth o Guardian rom
servicing loans o $575 million in volume when she
became CEO to nearly $2 billion today.She joined Guardian in 1976 to oversee the
process o adapting the company to its irst
computer system to help manage loan servicing and
has also worked in cash management. Guardian
was establishe d as a Michigan lender in 1965 and
in 1983 moved most o its corporate unctions to
Texas, which is when she relocated to the state.
Marcus McCue has propelled the company
to nine-old growth in retail loan origination
since 2008. He began his career as an individual
mortgage originator at Guardian, becoming lead-
ing producer.
He attributes the companys rapid growth to its
dedication to customer service. Prior to joining
Guardian, McCue served as vice president o com-
mercial banking or a Dallas bank.
Cari McCue has been in mortgage banking or
more than 17 years, playing a pivotal role in grow-
ing Guardian. She manages both the retail and
correspondent pipelines along with hedging and
securitizing the secondary market.
She ounded the correspondent division in
2012. This multistate program has alre ady prov-
en successul, with unprecedented turn times,
eicient approval processes and outstanding
customer service, she says.
Address: Guardian Mortgage Co. Correspondent Lending
2701 N. Dallas Parkway, Suite 280, Plano, TX 75093
Phone number: (972) 248-4663
Web: guardianmortgageonline.com
Guardian Mortgage Co.Striving or growth within a conservative approach
During the subprime
years, Guardian oten
heard we were missing
the boat. There was
easy money to be made
in throwing out thequaliying rules. All along,
we opposed doing so.
Guardian principals
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The COMPANYOperating under the umbrella o a regional heavy-
weight in commercial and consumer banking, BOK
Financial Correspondent Mortgage Services is part
o Tulsa, Okla.-based BOK Financia ls regional
but expanding empire.
For instance, it shares the space with common
retail names such as Bank o Arizona, Bank o
Oklahoma and Bank o Texas. Other BOK Financial
brands include BOSC, a registered broker-dealer,
and TransFund, an electronic unds transer net-
work a top 10 network.For the publicly traded BOK Financial, correspon-
dent lending kicked o just three short years ago.
The philosophy behind the BOK Financial chan-
nel seems clear: The company styles itsel on pro-
viding clients with a more human touch. The chan-
nels clients small banks and cred it unions get
the personal attention rom BOK Financial they may
be missing rom other correspondent banks with
which theyve worked.
We oer the multi-line resources o BOK
Financial, a $28 billion diversied nancial ser-
vices company, but what sets us apart is the small,
boutique eel o how we deliver service, say com-
pany principals.It originates. But it services, too.
What does this amount to in practice? The suc-
cess o BOK Financials correspondent clients is
our success, the company boldly claims. To that
end, it protects the relationships that our clients
have with their members and borrowers. In other
words, the bank says it does not seek to appropriate
its clients clients.
Its a commitment that appears to bear out in the
ner points o the nancial serv ices companys big-
ger picture. This type o ethos, aer all, speaks o a
kind o all-or-one-and-one-or-all mentality.
In the words o the company leadership: To em-
phasize BOK Financials long-term commitment
to the banks and credit unions generating these
mortgages, we service correspondent mortgages
under the neutral brand name FirstLand Mortgage
Servicing. We oer a unique noncompete strategy
and go to great lengths to reer customer requests
or renancing, new loans or other transactions back
to the originating lender.
As Ross, the correspondent lending leader, re-
cently observed in a HousingWire interview, BOK
Financial takes the cautious approach. Asked what
was the single, most common mistake made in the
burgeoning correspondent space, he responded:
Growing too quickly. Growth is antastic, but when
you begin to lose ocus on who you ser ve and you
are not able to deliver on your commitments, you
are beginning to ail.
And these are testing times. Ross conceded many
competitors were chasing a smaller pool o busi-
ness. Thats a situation that should see the BOK
Financial correspondent model look to its boutique
principles in order to stand apart rom the crowd.
The EXECUTIVES
Senior Vice President Robert Ross, ormerly o
IndyMac Bank, LendingTree, Genworth Financial
and Goldman Sachs, heads up the correspondent
lending channel, having overseen the arena since
its launch in 2010.
With more than 13 years o experience in the
mortgage sector, he is well-placed to lead BOK
Financial Correspondent Mortgage Services. BOK
Financia l is proud o his record: He is credited with
creating a best-in-class, relationship-based plat-
orm that is ocused on the specic requirements
o the small bank and credit union community, the
company principals say.
Mortgage banking veteran Ben Cowen is the BOK
Financial Mortgage president, weighing in with 25
years o myriad experience in the industry, includ-
ing wholesale and the emerging sweet spot: corre-
spondent lending.
BOK Financial points to his track record that in-
cludes time as a senior vice president at Wachovia
Corp., now part o national banking giant Wells
Fargo, where he is said to have nurtured 26 pro-
duction branches.
Cowen spent the vast majority o his career at
bank-owned mortgage lenders, including big gun
Bank o America, where he was a regional mortgage
sales executive in BOK Financial country and, cru-
cially, a divisional sales executive and national
operations manager in the BoA correspondent
lending division.
BOK Financial Correspondent Mortgage Services
Address: BOK Financial Mortga ge, 7060 S Yale Ave., Tulsa, OK 74136
Phone number: (855) 890-1485
Web: boknancial.com/cms
BOK FinancialBlending big-money muscle with boutique principles
We oer the multi-line resources o BOK Financial, a $28 billion
diversiied inancial services company, but the small, boutique eel
o Correspondent Mortgage Services sets us apart. BOK Financial Correspondent Mortgage Services
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The COMPANY
In an uncertain and evolvi ng mortgage and housing
market, EverBank is strengthening its commitment
to correspondent lending, providing practical solu-
tions to its business partners across the country by
oering a range o jumbo and agency products.
I think everyone in the industry nds themselves
in a rapidly changing and to a large degree, very
uncertain market, said Tom Wind, EverBanks ex-
ecutive vice president or home lending. We see a
competitive landscape that is evolving every day, and
we are operating in an environment that is increas-
ingly complex. Against this backdrop, the housing
market is showing signs o recovery and home prices
are rising in many markets across the country. The
housing recovery is breathing lie into the purchase
money mortgage market, but with this recovery,interest rates have begun to trend higher. The shi
away rom a re-ocused market will cause some dis-
placement in the short term, but rom a long-term per-
spective, that means a more stable and sustainable
mortgage market. We are moving into an extremely
challenging time, but with the right investments and
relationships, we see signicant opportunity.
EverBank works with a wide range o correspon-
dents, rom small, local market lenders to some o
the industrys largest independent mortgage banks.
Its ability to both sell into the secondary market and
hold loans in portolio enables it to make decisions
quickly and accommodate the oen complex situa-
tions aced by its clients jumbo borrowers.
In todays competitive and more purchase-driven
market, correspondent lenders need a strong part-
ner who can deliver on turn times and resolve issues
beore they impact a clients closing commitment.
EverBank has developed a team o dedicated re-
lationship managers to work with clients through
every step o the process, rom registration to pur-
chase. With an experienced team across sales, op-
erations and underwriting, EverBank understands
the challenges acing correspondents today.
Relationships are the key to getting deals done
today, says Shelly Kobb, EverBanks senior vice
president o correspondent lending. Its a bit o
a clich but remains a basic principle weve never
orgotten. Our sales and operations teams work
hand-in-hand with our correspondent lenders, ol-
lowing every detail o the loan process and ensuring
the loans are reviewed and purchased quickly and
easily. Tying everything together, our relationship
managers provide a single point o contact to work
with our clients through the entire process.
With roots going back to mortgage servicing in
the 1960s, EverBank today is a national leader in
home lending. Based in Jacksonville, Fla., EverBank
Financial Corp., EverBanks pa rent company, has$18.4 billion in assets and $13.7 billion in deposits
as o June 30, 2013. The company is a ully diversi-
ed nancial services provider, ocusing on bank-
ing and investing, residential lending and servic-
ing, and commercial lending and nance.
EverBanks residential loan originations were $3.2
billion in the second quarter o 2013, an increase o
12% compared to the prior quarter. The company
originated record prime jumbo loan volume o $1.1
billion during the second quarter, up 36% rom the
previous quarter. It serves home lending clients
through correspondent, consumer-direct and retail
channels, and a warehouse nance business.
Weve built what we believe is a model home lend-ing organization or the current market and the com-
ing market, Wind says. Were nationwide, with a
presence in key markets rom coast to coast. We move
quickly. And we oer a wide range o innovative
mortgage products that resonate with clients today.
The EXECUTIVES
Tom Wind, executive vice president and head o
home lending, joined EverBank in 2011 ollowing
positions including co-CEO and CEO o the mortgage
lending businesses o JPMorgan Chase and chie -
nancial ofcer and president o CitiMortgage.
Shelly Kobb leads EverBanks correspondent
lending sales and operations. She previously
served as senior vice president o correspondent
operations at Aurora Bank and senior positions
with Bear Stearns Residential Mortgage, National
City Mortgage and Countrywide.
Shari Ferline is EverBanks senior vice president,
national sales manager, and has more than 18 years
o industry experience. She joined EverBank in
2011. Prior to joining EverBank, she held manage-
ment positions at Mellon Bank, Countrywide, Chase
and Aurora Bank.
Address: EverBank Correspondent Lending
301 West Bay St., Jacksonville, FL 32202
Phone number: (866) 737-2430
Web: everbankcorrespondent.com
EverBank Home LendingFocused on correspondent channel and ready or growth
We are moving into an extremely challenging time, but with the right
investments and relationships, we see signicant opportunity.
Tom Wind, EverBanks executive vice president o home lending
WHO
WEAREWATCHI NG
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Address: Guild Mortgage Correspondent
6333 Greenwich Drive, Suite 200, San Diego, CA 92122
Phone number: (858) 790-0660
Web: guildcorrespondent.com
Guild Mortgage Co.Crisis survivors bid or nationwide ootprint
The COMPANY
The setting is a local one, but Guild Mortgage Co.
and its President and CEO Mary Ann McGarry are
talking big.
Were on re, she told daily newspaper U-T San
Diego, ormerly The San Diego Union-Tribune.
She uses the word probably, but that is the only
qualier in her response when she predicts that the
lenders loan production or 2013 would come in at
$7 billion another record, adds McGarry, who
has been on Guilds board o directors since 1988.
That was a June interview in the mainstream media.For the San Diego-based private, nondepository
lending house and its correspondent lending arm
now, the talk is also pretty big. We expect unding
volumes o $1 billion or the correspondent divi-
sion and the establishment o a national presence
or 2014, says David Neylan, Gui lds vice president
o correspondent lending.
Here is some context to put these kinds o plans
into perspect ive: In 2007, just as the nancial crisis
was brewing, reports place the rms total loan pro-
duction at just $1 billion. But that was a gure that
by last year, according to the reports, had grown to
$6.4 billion.
Guild Mortgage swung open its doors or the rsttime in 1960 in San Diego, which remains the com-
pany base.
Today, it houses $12 billion in a burgeoning ser-
vicing portolio. To boost correspondent business
and bust those loy targets, Guild is ocused on
credit unions and community banks.
Products include FHA, VA, conventional, USDA
and HARP loans. Delivery and monitoring o
the loans is done through a proprietary technol-
ogy platorm.
The Guild sales pitch to correspondent clients em-
phasizes the companys years o successul growth,
its track record o being a sae bet.
At Guild Mortgage we are dedicated to providing
you the highest level o service and care, company
promotional literature states.
Since 1960, we have gained a reputation built on
stability, reliability and dedicated customer service.
With several competitively priced programs avail-
able, you will be able to nd the best one or your
client needs at the lowest rates possible.
Neylan puts things in slightly less owery terms,
which you might expect rom someone operating
at the sharp end o lending and associated risk. But
there is also cognizance.
As a nondepository, he continues, we make
an assurance to our clients that we will retain
servicing, allowing their credit union members
and community bank customers to be protected
rom cross-solicitation o other inancial products
and services.We provide our customers access to the second-
ary and capital markets, without putting their cus-
tomer in harms way.
Both Neylan and Kirkland seem to nd them-
selves in solid territory. In that local, mainstream
appearance, their boss and company CEO McGarry
was in decidedly buoyant mood.
She talked about taking advantage o the oppor-
tunities produced by a dislocated market.
Indeed, growth through the barren years was
achieved as the Guild team picked up some slack
rom those that ell by the wayside.
She now talks in terms o a nationwide ootprint,
taking the company onto another strata and asolid one.
As ar as Neylans responsibility goes, in the
divisional sphere o correspondent lending, that
seems to suggest his contribution is central to the
company vision.
The EXECUTIVES
At the helm o this Guild correspondent lending
vehicle is David Neylan, who joined the mortgage
company in 2007, just beore the worst ravages o
the nancial crisis.
Beore joining up with Guild, Caliornia Mortgage
Bankers Association member Neylan managed local
branch, regional and national third-party origina-
tion divisions, dating back to the mid-1990s.
Alongside Neylan is Shawn Kirkland, the na-
tional sales manager or the companys correspon-
dent division.
He has been in the mortgage industry or
more than 20 years including time spent in
construction lending, wholesale lending and
mortgage insurance.
For the past eight years, Kirkland has been o-
cused on the correspondent side.
We expect unding volumes o $1 billion or the correspondent division
and the establishment o a national presence or 2014.
David Neylan, Guild Mortgage vice president o correspondent lending
63OCTOBER 2013HOUSINGWIRE
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The COMPANY
When Amy Brandt joined Prospect Mortgage late
last year to lead the independent mortgage bank-
ers expansion plans in correspondent lending and
loan servicing, she arrived at an opportune time:
The rm had only just launched the latest string
to its lending bow a correspondent renovation
loan program.
In one o her latest interviews with HousingWire,
when she was still Prospects president o corre-
spondent lending and servicing, i n early July, she
outlined her divisions trajectory with a terse state-ment o intent: Our expansion plans are controlled
but aggressive. Now ensconced as Prospects chie
operating ofcer, Brandt is charged with guiding the
operations o the entire Prospect juggernaut. The
company is gured to be the second-largest FHA
203(k) lender in the nation.
And these days, its sights are generally ixed
orward, an idea that appears to be relected in
the breadth and depth o Prospects correspon-
dent products. Prospect is also ocused on the de
rigueur imperative o compliance, which, the com-
pany says, has always been a top priority. Given
the shiing regulatory environment o the industry,
not only do companies need to have adaptable androbust compliance processes and inrastructure,
but they also need to make compliance a part o the
core culture o the organization, says Brandt. As a
correspondent loan buyer, Prospect has embedded
critical risk management techniques and systems
into its operations.
Prospects ull correspondent unit, launched in
March 2013, covers a multitude o product oer-
ings: rom rst-time buyer programs, FHA loans
and conventional products bound or government-
sponsored enterprises Fannie Mae and Freddie Mac,
to emerging products that i nclude the companys
renovation loan program and Credit Forward, a
Prospect proprietary niche product or borrowers
with FICO scores between 600 and 639.
Prospect, a nonbank acquisition group that takes
its muscular cues rom private equity rm Sterling
Capital Partners, has correspondent ulllment cen-
ters in both Caliornia and Texas a ploy aimed at
optimizing service and ti me zone coverage. Which
would make sense or a lender shooting or a na-
tionwide ootprint. The correspondent division, the
company claims, is uniquely positioned to provide
tremendous value in terms o serv ice, price and sta-
bility to our client-partners. Our unique approach to
creating long-term relationships with each investor-
partner starts w ith customized agreements around
the investors unique business requirements and
raming our processes around their needs.
Licensed in 48 states and oering what the com-
pany describes as consistent underwriting and doc-
ument requirements, Prospect principally seeks to
work with small- to medium-sized lenders, institu-
tions which might need to leverage the support o a
bigger enterprise in order to achieve regulatory and
compliance requirements. Indeed, Prospects blend
o third-party and proprietary technology is aimed
at zoning in on compliance, along with security and
efciency. Meanwhile, the company aims to provideclients an opportunity to compete on a more level
playing eld with larger competitors.
A point o pride, or Prospect at least, is the act
the rm is not a bank. And it sees that aspect as
part o its sales pitch. We are not a bank, the
lenders chies say orceully. Our loans are ser-
viced in-house. We provide rep and warrant relie,
the Prospect principals go on, listing other perks
including co-branded servicing opportunities and
exible loan delivery options.
And in reerence to that corresp ondent renova-
tion product again, which is perhaps a tting stop-
ping point to encapsulate what it is Prospect is try-
ing to do to stand apart: A perect product or REOproperties and an added-value marketing tool, this
product helps clients increase their purchase busi-
ness, the company says.
The EXECUTIVES
At the helm o Prospect and its correspondent
lending operations is Amy Brandt, ormerly o
Vantium Capital. She is a considerable expert on
the mortgage and secondary market industry and
the ounder o the Residential Servicing Coalition.
Alongside Brandt in a transcendent role sits Doug
Long, Prospects president o national lending. He
is considered a recognized mortgage industry leader
and is the co-ounder o Pinnacle Financial.
Meanwhile, dedicated to the correspondent side
o Prospect business are Emily Shapiro and Gian
Russo. She is the companys senior vice president
o correspondent lending and servicing, and he is
the senior vice president o correspondent sales.
Shapiro has led nance, risk analytics, servicing
oversight a nd mortgage origination organizations.
Russo has held sales leadership positions at a vari-
ety o high-volume banking institutions, including
JPMorgan Chase and Freedom Mortgage.
Address: Prospect Mortgage Correspondent Division
15301 Ventura Blvd, Suite D300, Sherman Oaks, CA 91403
Phone: (888) 620-2152
Web: prospectcorrespondentlending.com
Prospect MortgageBow and arrow: Prospect aims or correspondent big leagues
WHO
WEAREWATC HI NG
Our expansion plans
are controlled but
aggressive.
Amy Brandt,
Prospect Mortgage
chie operating ocer
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The COMPANY
For First Guaranty Mortgage Corp., the correspon-
dent lending plank is the perect addition in the
companys quest to create a one-stop shop or ev-
erything rom broker to bulk.
The national lender also has a ootprint in whole-
sale and retail. And it is at its apparently sterling
best in its award-winning approach to the use o
tech options in order to smooth the process o corre-
spondent origination. The Tysons Corner, Va.-based
company says it uses high-end technology to make
the origination process more efcient.According to the company, its ounding principles
declared that people are more than numbers and
that education and customer service can prove to be
decisive actors in making a dierence.
Placing importance on quality over volume,
the company originates its mortgage loans using
commonsense underwriting, a robust production
process and a comprehensive compliance meth-
odology. To do so, it uses a number o integrated,
third-party technologies, and by relying primarily
on the Ellie Mae Encompass system and customer
relationship management.
Things are certainly heating up or the 25-year-
old rm, underscoring the importance placed on arobust system. Company principals are shooting or
airly loy territory: Approximately $4 billion, as
ar as 2014 unding volumes go. FGMC is purchas-
ing and servicing closed loan production in well
over 45 states today and any client that is closing
or aggregating mortgage loans is a possible seller.
Recently, FGMC outlined exactly why it had
turned the screw on its correspondent business.
There were many actors that played a part in
the decision to ramp up the division, explains CEO
Andrew Peters, but the largest included having the
right people to run it; having the necessary pieces
like GNMA (Ginnie Mae) and FNMA (Fannie Mae)
approval in place, and having the right servicing
platorm to manage the portolio.
And retaining servicing, insists Peters, is the
only way to succeed in correspondent lending over
the long haul. FGMC targets the ull spectrum o
smaller players brokers, community banks and
credit unions with a product catalogue that hits
conventional and Ginnie Mae territory.
We do broker, mini-correspondent, delegated
and nondelegated correspondent, mini-bulk and
bulk bidding, as well as servicing acquisitions,
company principals said. We oer product op-
tions in FHA, VA, FNMA conventional including
DURP, Homepath and Manuactured Home USDA
and more.
FGMC is a leading national alternative to many
o the traditional lenders or correspondents seek-
ing liquidity and those seeki ng accommodation or
a number o nontraditional loan scenarios.
From here on in, the plan appears to be to sharpen
the companys correspondent ocus.
Over the next 12 months FGMC will continue to
grow our sales and marketing platorms, the com-
pany says, and back those up w ith solid pricing,
products and operational support and we expect
to double our current production at a minimum.
The EXECUTIVES
CEO Andrew Peters served in the mortgage lend-
ing industry all 16 years o his proessional career.
Named CEO in 2011, he has overseen a period o
signicant growth or FGMC, including the lenders
most protable scal year ever. As CEO, Peters has
ocused on growing the companys correspondent
lending, capital markets and retail channels, while
maintaining the companys national standing in the
wholesale segment.
Prior to his appointment as CEO, he was the seniorvice preside nt, nat ional business director, where
he oversaw signicant growth or the companys
wholesale division. In that role, Peters ocused on
REO lending initiatives, aordable housing and
neighborhood stabilization. He spearheaded the
rollout o FGMCs correspondent lending product
line, The Correspondents Edge.
Jefrey Gibson, managing director o third-party
origination ow, has 12 years o mortgage lending
experience, and has been with FGMC or six years.
He was previously assistant vice president, corre-
spondent division manager.
Under his leadership, says Peters, FGMC has
grown into one o the nations premier correspon-
dent ow buyers. Beore joining FGMC, Gibson
was with Aurora Loan Ser vices, where he spent
ve years. Previously, he served with Wells Fargo.
Mark Mayhook, managing director o capi-
tal markets, has been with FGMC since 2011. He
has been responsible or establishing and g row-
ing FGMCs capital markets line. Mayhook joined
the rm with almost 10 years o experience in the
industry, much o it in correspondent sales and
trading. Beore FGMC, Mayhook worked in sales
and account management or Morgan Stanleys
correspondent conduit.
Address: First Guaranty Mortgage Corp. Correspondent
1900 Gallows Road, Suite 800, Tysons Corner, VA 22182
Phone number: (800) 296-2275
Web: gmccorrespondent.com
First Guaranty Mortgage Corp.Marrying tech-savvy with a penchant or commonsense origination
FGMC is a leading nationalalternative to many o
the traditional lenders or
correspondents seeking
liquidity and those seeking
accommodation or a number o
nontraditional loan scenarios.
FGMC company principals
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We have broad guidelines surrounding property and occupancy types.
Because we do not aggregate agency or government loans, we maintainexcess capacity, allowing or exceptional turn times.
BoI Executive Vice President, Chie Lending Ocer Brian Swanson
The COMPANY
BoI Federal Bank is in the jumbo game, and it
pushes some serious super jumbo mortgage solu-
tions to mortgage bankers, brokers and other -
nancial institutions w ith the net worth to back up
such hey correspondent lending products. There
is a sizable marketplace up or grabs.
With more than $3.09 billion in assets, the San
Diego-based thri provides adjustable-rate jumbo
and super jumbo products with loan amounts up
to $10 million.
It launched the jumbo-super jumbo origination
platorm in 2010. When it launched the oering, it
tapped several ormer Thornburg Mortgage veterans,
lling out the rest o the team dedicated to the chan-nel with other ormer Thornburg employees.
As a publicly traded nancial services company,
it bears certain elements that help set it apart.
In the words o BoI President and CEO Gregory
Garrabrants: We aspire to be the most innovative
branchless bank in the United States, providing
products and services superior to our competitors,
branch-based or otherwise.
It is controlled by BoI Holding and also oper-
ates brand names such as Bank o Internet USA,
Apartment Bank and NetBank.
The irm is no stranger to strategic alliances.
In January 2011, it joined orces with Capital
Markets Cooperative through its Bank o Internet
brand to provide CMC clients specialized jumbo
loan products.
In its approach to underwriting, the company at-
tempts to apply a commonsense methodology, say-
ing it strives to look beyond the numbers i n order
to determine the true value and risk o a borrower.
The majority o our loans are approved with either
a credit or collateral exception, the company says.
So there appears to be a certain exibil ity around
the BoI name.
The company lists certain eatures it believes
distinguishes BoI niche products. These include
asset depletion and pledged asset loans. The i n-
stitution also believes it goes the extra mile by
providing liquidity or complex jumbo and super
jumbo transactions.
We have broad guidelines surrounding property
and occupancy types, says BoI Executive Vice
President, Chie Lending Ofcer Brian Swanson.
Because we do not aggregate agency or govern-
ment loans, we maintain excess capacity, allowing
or exceptional turn t imes.
On the tech ront, the company operates an elec-
tronic loan delivery platorm.
BoI Federal Bank leverages cutting-edge tech-nology to provide you with complete paperless
loan submission and processing, the company
explains. Turn times or approval and processing
are signicantly reduced through 100% imaging
o all loan documents.
For BoIs capital markets arm, which operates
out o the same single location as the rest o the com-
pany, it is all about bulk.
Our capital markets division ocuses on the orig-
ination o commercial and industrial loans in target
vertical markets as well as bulk loan purchases and
sales to help our customers diversiy loan porto-
lios, generate ee income and manage their balance
sheets, company principals say.
The EXECUTIVE
At the helm, o course, is Executive Vice President,
Chie Lending Ofcer Brian Swanson. He has expe-
rience building a retail call center, distributed retail
lending channel and a wholesale lending division.
Swanson is currently ocused on building t he
retail, wholesale, correspondent, warehouse and
multiamily/small balance commercial lending
channels or BoI Federal Bank. In this realm, an
emphasis has been placed on growing portolio
loan production.
Beore joining BoI Federal Bank, Swanson was
a vice president with Bank o America, where he
piloted its dedicated purchase cal l center in Orange
County, Cali.
He began his career in the mortgage business
as a retail loan ofcer with E-LOAN. Success there
landed him a position with a top-ve mortgage
lender in 2005. In that position, he served as a re-
gional vice president in the companys wholesale
lending division, ta king a lead role in the acquisi-
tion and integration o the companys distributed
retail lending platorm.
Address: BoI Federal Bank Third Party Lending
4350 La Jolla Village Drive, Suite 140, San Diego, CA 92122
Phone number: (888) 781-2117
Web: boederalbank.com
BoI Federal BankPlowing a jumbo trail
WH O
WE A R E WA T C H I N G
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The COMPANYTerri Davis is plugged into the coming realities
o a contracting lending space. Interest rates are
increasing, o course. And her company, CMG
Financial, has big plans or its correspondent lend-
ing channel. But more rms are entering and they
are oen aggressive.
Yet CMGs senior vice president o corresp ondent
lending is unperturbed.
Margins have denitely compressed and we
have observed new entrants are aggressively
priced as they enter the market, Davis recentlytold HousingWire. It seems likely that rising rates
will reduce production volume and result in even
more margin compression. But there is a steely
determination: CMG is well positioned to compete
in this environment.
Established in 1993, CMG Financial is a private-
ly held mortgage bank headquartered out o San
Ramon, Cali., and a division o CMG Mortgage. It
serves homeowners in 44 states and Washington,
D.C., oering a ull slate o correspondent products.
A Fannie Mae/Freddie Mac direct seller/
servicer and approved Ginnie Mae issuer,
CMG Financial oers conventional, FHA and
Streamline, VA, IRRRL, ARMs and jumbo prod-ucts. Additionally, CMG brings USDA, unlimited
LTV Home Aordable Reinance Program, or
HARP, and Fannie Mae HomePath programs to
their ull-scale product alignment.
And the company is shooting or the cusp o the
bigger leagues. We expect to originate $6 billion
through the correspondent channel or 2014, Davis
projects.
CMG is also pushing ahead on the tech ront. It
said its immersed in a technological evolution, with
a sharp ocus on developing a correspondent lend-
ing portal that allows customers to submit, track
and und their loans through a single pane.
Our correspondent portal, Chie Technology
Ofcer Robert Wahlia explains, will provide ex-
ibility or customers to display the inormat ion to
their standards, customize their reporting metrics
and schedule updates at their discretion.
In the ast-paced correspondent environment
where transaction time is paramount, its our goal
to supply the seller with the tools to suit their busi-
ness needs. This system is proprietary and under
construction at this time.
Relationships, says CMG Financial President and
CEO Christopher M. George, matter company-wide.
Our business philosophy is centered on words like
trust, loyalty and consistency, he explains, char-
acteristics that help create and support high-quali-
ty, long-term commitments. Our goal is to orm part-
nerships with established sellers and providers, and
deliver services in a method tailored to exceed our
clients needs and expectations.
CMG Financial can point to the act that it was
once a broker, having made the t ransormation to
banker. It can perhaps relate to, even empathize
with, the common obstacles all manner o clients
ace in the correspondent realm. Granted, the lend-
ing climate o today is quite a bit dierent than in
the recent past.We understand these signposts better than
larger institutional lenders, George goes on,
because weve grown our business in the very
same ootprint as many o our customers. Weve
experienced rsthand the pains experienced along
the way, and the solutions ound to avert those ob-
stacles in order to ourish.
Above all, CMG says its correspondent platorm is
designed to optimize the growth and goals o indi-
vidual partners. That could prove a ruitul road to
go down, as George notes. We understand that no
two partners are at the same point on their business
trajectory, he concedes. CMG is positioned to pro-
vide the resources and support or emerging bank-ers, while excelling at agile solutions or larger,
established partners. Our position ensures steady,
balanced growth or both sides o the relationship,
no matter the coming climate.
The EXECUTIVES
Christopher M. George is the ounder, president
and CEO o CMG Financial. He is also president o
the Caliornia Mortgage Bankers Association, and
serves on the board o directors o the Mortgage
Bankers Association.
Terri Davis, senior vice president o the corre-
spondent division, has 28 years o experience. She
is credited with the ability to develop collaborative
partnerships internally and externally, deliver
high-value solutions and create eective sales and
marketing strategies. Davis began her career in
1985 in various capacities o the industry. By 1994,
she was the director o marketing or PMI Mortgage.
Post-PMI, she began a lengthy 19-year tenure at
Fannie Mae, where she led in multiple vice presi-
dent capacities. Today, Davis continues to lead at
CMG Financial, on the companys correspondent
lending arm.
Address: CMG Financial Correspondent Lending
3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583
Phone number: (925) 983-3000
Web: cmg.com/correspondent.php
CMG FinancialSwinging or the second deck: CMG outlines grand correspondent plans
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Weve experienced first-hand
the pains experienced along
the way, and the solutions
found to avert those obstacles
in order to flourish.
CMG Financial President and
CEO Christopher M. George
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WH O
WE A R E WA T C H I N G
The COMPANY
Impac Mortgage was one o the true survivors o
mortgage nance ollowing the housing crash o
2007 and 2008.
Since, the company has consolidated. More im-
portantly, as one o the correspondent lending big
guns, it has proved adept at distinguishing itsel
rom the big subprime players, pointing out it was
ocused on Alt-A borrowers and not taking on the
same level o risk. In other words, Impac, ounded
in 1995, made strides to ensure its borrowers could
aord the loan they were being oered up.Today, it lists its ocus in ve broad channels o
target business and lending: retail, wholesale, corre-
spondent, warehouse and portolio recovery services.
Having re-entered the correspondent space last
year, Impacs correspondent division operates under
Excel Mortgage Servicing, which is a subsidiary o
Impac Mortgage Holdings.
Target gures or next year are airly loy. In the
words o company principals: Expected volume or
the correspondent lending unit in 2014 is $1 billion.
In addition, we are now accepting applications or
our new warehouse lending division.
And those they see eeding their correspondent
machine are the likes o community banks and cred-it unions with a minimum net worth o $1 million.
Led by seasoned industry executives, the com-
pany says, the correspondent lending team provides
credit unions, banks and mortgage banks with an
ideal business partner that is devoted to each clients
success. Impac Mortgage is a direct Fannie Mae,
Freddie Mac and FHA, VA and USDA lender.
The correspondent lending team unctions as
an exit-based investor or our business partners,
providing a source o liquidity and a dependable
outlet or a diverse set o mortgage loan products
on a ow and bulk basis.
In tandem with agency and government products,
Impac cites a 203(k) renovation option and jumbo.
Drilli ng down to the ner points o the correspon-
dent side o its business, the company goes on to
highlight its warehouse lines, which range rom $3
million to $10 million.
There is same-day unding availability, the
rm goes on. We are a national platorm, accom-
modating wet and dry unding. Products include
FHA, Fannie Mae and Freddie Mac HARP (Home
Aordable Renance Program) up to 150% LTV,
conventional, VA, jumbo up to $3 million, and
203(k) renovation loans.
Like some others in the correspondent space,
Impac is keen to highlight the act it will not poach
the clients o its lenders.
Impac Mortgage is ocused solely on the lend-
ing industry and is not a bank, thereore we do
not compete with our clients or deposits or other
nonresidential consumer mortgage products, the
company explains.
Our senior management, with an average o
over 25 years o hands-on experience within the
mortgage, real estate and consumer arenas, led the
company through the crisis o the past decade with
steadast determination, integrity and vision.
Just as the mortgage company was keen to distanceitsel rom subprime lenders that ell by the wayside
post-crash, Impac principals point to the rms com-
mitment to responsible lending going orward.
We have rebuilt the company with a renewed in-
dustry strategy and work to align ourselves with lend-
ers who mirror our principles or responsible lending,
prudent underwriting and raud prevention, they say.
How does the company help keep clients happy?
We enable our clients to generate additional
revenue by expanding their product oering
with niche programs such as 203(k) renovation
loans, coupled with the opportunity to leverage
our warehouse lending platorm, the company
points out.There also appears to be a commitment rom
Impac to aid the ground-level business o its lender
clients by oering marketing assistance.
It makes business sense, really. And it might also
illuminate the kind o practice to help explain why
Impac is still around.
The EXECUTIVES
Nancy Pollard is an Impac executive vice president
and has managed the capital markets div ision or
the company since June 2006. In late 2011, she a-
cilitated the relaunch o the correspondent lending
division, which has grown to $80 million-plus per
month and is a major contributor to Impacs prot-
ability. She has more than 25 years o experience.
Bill Ashmore is the companys president and
chie operating ofcer. He has been serving in this
capacity since August 1995.
Since 1995, Ashmore has overseen the origination
o more than $90 billion in residential and commer-
cial originations, o which $60 billion was securi-
tized. In addition, he was responsible or managing
$30 billion in mortgage assets. He has more than 30
years o experience in mortgage banking.
Address: Impac Mortgage, Correspondent
19500 Jamboree Road, Irvine, CA 92612
Phone number: (888) 850-0259
Web: impaccorrespondent.com
Impac MortgageImpac re-emerges leaner and meaner in shape or expansion
We have rebuilt
the company with
a renewed industrystrategy and work to
align ourselves with
lenders who mirror
our principles or
responsible lending,
prudent underwriting
and raud prevention.
Impac Mortgage
principals
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Address: New Penn Financial Correspondent
4000 Chemical Road, Suite 200, Plymouth Meeting, PA 19462
Phone number: (877) 920-7366
Web: newpenncorrespondent.com
New Penn FinancialTreading the waters o nonagency or a broader borrower mix
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New Penn is uniquely positioned. As we are securitizing our loan production, we
can look to develop product or the marketplace. We are not limited to agency, or
as a pass-through to larger institutions.
Lisa Schreiber, vice president o correspondent lending or New Penn Financial
The COMPANY
When New Penn launched its new correspondent
channel just over two years ago, the company was
attempting to ll a gap it saw in the market or the
purchase o nonagency loans.
New Penn President and CEO Jerry Schiano
viewed the venture as a way to target approved cli-
ents with a unique set o loan programs, thereby
serving a broader swath o customers.
As the Shellpoint Partners-owned companys vice
president o correspondent lending describes, its
an operation with a wide net.NPFs TPO (third-party origination) channel
serves large and small mortgage bankers, com-
munity banks, credit unions and mortgage brokers
through our correspondent, mini-correspondent
and wholesale platorms, says Lisa Schreiber, who
was recruited to lead the companys correspondent
business in February.
Our clients get the advantage o accessing a
broad-based product set including jumbo, porto-
lio and agency programs in the ways that suit their
operational requirements.
The company, which also operates retail, direct-
to-consumer and wholesale channels, didnt reveal
any target unding volumes when HousingWireasked or a 2014 estimate.
But Schreiber did indicate an expansion was in
the works.
NPF is purchasing loans through a vast network
in 46 states currently, she explains. Over the next
12 months, we expect to grow our opportunity to 48
states with a much broader client base, which will
aord expediential growth.
There is a dual methodology behind this expan-
sion. We will look to accomplish this goal by work-
ing with our clients on quality-based programs and
communication as well as continue to ocus on gain-
ing efciencies that benet both our client experi-
ence and our ability to produce high-quality loans,
Schreiber continued.
These loans include the companys proprietary
Jumbo Advantage, agency xed, adjustable-rate
and Re-Plus, along with oreign national programs.
They are each available through the correspondent
and mini-correspondent lines. Additionally, the
companys wholesale channel oers both FHA and
VA loans.
Schreiber believes todays regulatory demands
and changing market environment bring disrup-
tion, but reckons her company is posit ioned to meet
the challenges acing the mortgage industry.
New Penn is in an enviable position as we are
both a conduit and a port olio lender. This allows
us to develop and securitize our product line,
Schreiber says.
The advantage or our clients is not only access
to a broader set o product options to meet their
borrower needs, but also the ability to oer both
bank and broker options, depending on the prod-
uct selected.
By working with our clients on a greater percent-
age o their business, we can gain greater efcien-
cies and higher quality production together.
Above all, Schreiber sees New Penns correspon-dent lending channel as a way to achieve quality
volume at a low production cost.
New Penn is uniquely positioned, she says.
As we are securitizing our loan production, we
can look to develop product or the marketplace.
We are not limited to agency, or as a p ass-through
to larger institutions.
The EXECUTIVE
Lisa Schreiber is vice president o correspondent
lending or New Penn Financial. As a ormer senior
manager or Ellie Mae, Net More America, Bank o
America and A merican Brokers Conduit, Schreiber
continues to lead the vision and implementation o
quality-oriented, third-party origination channels
and platorms.
Throughout 2011 and 2012, Schreiber was in
charge o the implementation o Ellie Maes Total
Quality Loan program, working direct ly with cor-
respondent leaders at Wells Fargo, Citibank and
Homeward Residential, among others.
As a mortgage banker with more than 25 years o
experience, she is now working to bring that knowl-
edge and background to New Penns correspondent
lending channel.
She was recruited to her role at New Penn earlier
this year.
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The COMPANY
Earlier in August, LenderLive Network announced
that it had secured Ginnie Mae-issuer status. Boom.
And the company hailed the milestone as a boost to
its correspondent lending business.
With the ongoing changes in the market, it is im-
perative that we continue to enhance our product
and service oerings, Rick Se ehausen, president
and CEO o LenderLive, told HousingWire at the
time. Becoming an approved Ginnie Mae issuer
is just one way we strive to provide our customers
with the products and services to meet their specicbusiness needs.
Obtaining access to Ginnie Mae, Seehausen ex-
plained, meant his company could help banks, credit
unions and private investors with private-label sub-
servicing, while expanding the products accessible
through LenderLives correspondent business.
Thats a signicant step or a rm that is a mortgage
partner to the Independent Community Bankers o
America, which serves more than 4,000 community
banks, and CO-OP Financial Services, a cooperative
o more than 2,500 credit unions nationally.
And there is this: Nondelegated correspon-
dents can limit the credit risk inherent to mortgage
lending and can obtain seamless access to capitalor their unded-loan production, the company
says. Our conorming loan purchase program is
designed or the loans our clients do not desire to
hold on their balance sheet and is supported by ded-
icated, seasoned mortgage lending proessionals.
Indeed, LenderLive has been supporting nan-
cial institutions build residential mortgage busi-
ness or more than 23 years.
With a 2014 unding target o $2 billion, it aims
to target mortgage providers o all sizes, but ocus
on community banks and credit unions.
We oer traditional delegated and nondelegated
options as well as a ul llment program providing
clients a comprehensive, private-label origination
solution, with the option to sell loans to LenderLive,
the GSEs or retain in portolio, company principals
told HousingWire.
They point to a long history o dealing with com-
munity lenders.
With LenderLive, clients obtain a competitive
product oering and loan purchase program or
loans they do not want to hold on their balance
sheet, plus no retail channel conict, the princi-
pals go on. We dont compete with our clients to
cross-sell banking products or to solicit mortgage
customers or renance or purchase business.
The company cites advanced tech backup to aid
origination. It uses Web-based proprietary technol-
ogy in an eort to gain operating efciencies and
electronic le delivery.
The little guy appears to be at the heart o
LenderLive thinking. In this vein, the company
paints itsel as a kind o linchpin outt or credit
unions and community banks.
LenderLive is an established provider o loan ul-
llment services to banks and credit unions across
the country, the principals explain. Through our
correspondent lending program, we also help those
institutions manage credit risk and optimize bal-ance sheet perormance.
The EXECUTIVES
Dave Vida is president o loan servicing or
LenderLive Network and operates as the companys
chie strategy ofcer. He has more than 20 years o
extensive experience in mortgage bank ing, work-
ing or both large, publicly traded companies and
edgling startups.
During his career, Vida has built and run numer-
ous loan servicing and origination companies. Prior
to joining LenderLive, he served in a number o lead-ership roles involving mortgage nance.
He was president and co-ounder o City Mortgage
Services, building a large national servicing divi-
sion and helping lead our retail brands and a cor-
respondent lending division.
Elizabeth Deal is the executive director o
community lending or LenderLive, where she
supports the residential lending needs o com-
munity banks and credit unions. She has more
than 28 years o extensive experience in the mort-
gage industry.
Prior, Deal was with ICBA Mortgage or 22 years
where she ocused on providing community banks
the lending products, options and services to help
them compete and succeed in the mortgage market.
Beore ICBA, Deal worked in the northern Virginia
mortgage lending industry.
Robert Kallio is senior vice president o the
LenderLive correspondent lending division.
He has more than 20 years o experience in i-
nancial services. Beore joining LenderLive,
he was the vice president o business develop-
ment at Nationwide Advantage Mortgage in
Columbus, Ohio, where he was responsible or
the companys correspondent lending and sub-
servicing business divisions.
Address: LenderLive Correspondent Lending Services
710 South Ash St., Suite 200, Glendale, CO 80246
Phone number: (800) 891-2281
Web: lenderlive.com
LenderLive NetworkBidding to support community banks and credit unions
With LenderLive, clients
obtain a competitive
product oering and loan
purchase program or
loans they do not want
to hold on their balancesheet, plus no retail
channel confict.
LenderLive
Network principals
WHO
WEAREWATC HI NG
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The COMPANY
Theres a hint o the old warhorse about NexBank. It
saw the worst economic calamity the 20th century
had to throw at the country in the orm o the 1930s
Depression, and then the worst nancial crash since
as the Great Recession wrought its mayhem. These
were testing times all round in both epochs.
But neither the ravages o the 30s nor the re-
cent economic slowdown were enough to stop the
NexBank juggernaut.
An institutional lender originally ounded in
1922, the Dallas-based company launched its cur-rent correspondent channel in May 2011 with the
intention o hitting smaller market operatives such
as community banks and brokers.
The goal, company leaders say, is to arm these
types o institutions with the ability to provide mort-
gage solutions while allowing options to deliver les
both delegated and nondelegated.
Today, the lender underlines its commitment to
those correspondent lending target clients with a
reassuring reminder that it is not in the business o
stealing their borrowers.
We oer a dierent line than the larger aggre-
gators, company principals explain. We are an
institutional lender, meaning we do not specializein retail.
Addressing potential third-party originating
partners directly, the principals go on: So you
should eel condent in that when you do business
with us, we are not competing with you both rom a
retail and mortgage bank perspective.
We believe in service, service, serv ice no need
to dial a 1-800 number only to be placed on hold.
Call us direct; we pick up our phones.
For 2014, NexBank wants to reach $1.2 billion in
volume production.
The company is part o NexBank Capital, a ully
integrated nancial services organization that also
includes a broker-dealer, and an investment bank-
ing and corporate advisory rm.
In the correspondent space, the rm oers con-
orming, nonconorming, government, jumbo
portolio product, jumbo scratch-and-dent and
warehouse lines. NexBank also purchases mort-
gage servicing rights and co-issues.
The institution uses a third-party mode o tech-
nological backup to deliver its product oerings.
But what gives NexBank that X-actor in a grow-
ing eld o operators competing or an evermore
constricted pool o business?
One NexBank executive has a n answer. And its
one again aimed squarely at the door o potential
uture lending partners
In one word, we negotiate, which in the last
couple o years is unheard o, says Gabe Medrano,
NexBank regional sales executive.
We believe in doing business the old-ashioned
way, with a modern-day touch. Give us a shot, you
will not be disappointed. Thats a mighty pitch.
And history suggests its one that carries a great
deal o velocity.
The
EXECUTIVESJohn Holt Jr., is NexBank president and CEO and
was elected to the company board on June 23, 2011.
He brings nearly three decades o experience to hi s
role at the summit o both NexBank Capital and
NexBank SSB.
In addition to business development, capital mar-
ket transactions and credit risk analysis, his strate-
gic thinking a nd operations management are at the
heart o the day-to-day perormance o the banking
organization.
Beore joining NexBank, Holt was chairman o
the board and CEO o Southwest Securities FSB. He
was at the helm as the bank grew rom an institutionocused primarily in Arlington, Texas, to the ourth
largest bank headquartered in Dallas.
Matt Siekielski is senior vice president and
chie operating oicer. As COO or NexBank,
Siekielski has direct responsibilities or commer-
cial banking, mortgage banki ng, deposit opera-
tions and Treasury management.
He also serves as a member o the executive man-
agement team as it relates to strategic planning and
overall business development initiatives.
Prior to joining NexBank, Siekielski was a senior
vice president with Southwe st Securit ies, where
he was a member o the senior and executive-level
management teams tasked with strategic planning
and commercial lending.
Gabe Medrano is regional sales executive and
responsible or growing the correspondent business
channel nationwide.
Medrano brings nearly 20 years o experience
in all aspects o the mortgage space, rom the sec-
ondary markets through to portolio servicing.
And he bears a proessional background that is
studded with some o the larger names in nance:
Prior to joining NexBank, Medrano held manage-
ment roles with such nancial services companies
as Citibank, Goldman Sachs and Wells Fargo.
Address: NexBank SSB
2515 McKinney Ave., Suite 1700, Dallas, TX 75201
Phone number: (800) 827-4818
Web: mortgage.nexbank.com
NexBankHorses or courses: NexBank accentuates noncompete approach
I
In one word, we
negotiate, which in the
last couple o years is
unheard o. We believe
in doing business the
old-ashioned way, with a
modern-day touch. Give
us a shot, you will not bedisappointed.
Gabe Medrano, NexBank
regional sales executive