HW Magazine - Who's Who in Correspondent Mortgage Lending

7/21/2019 HW Magazine - Who's Who in Correspondent Mortgage Lending

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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.

56 HOUSINGWIREOCTOBER 2013


2/16

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

57OCTOBER 2013HOUSINGWIRE


3/16

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.



4/16

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



5/16

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



6/16

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



7/16

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



8/16

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



9/16

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



10/16

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



11/16

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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



12/16

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



13/16

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



14/16

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.



15/16

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



16/16

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

HW Magazine - Who's Who in Correspondent Mortgage Lending

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