A privately held national bank has launched a new net branch operation.
American Home Bank N.A., which says it specializes in construction-to-permanent loans, has launched a new division that is soliciting mortgage brokers and originators to become "branch operators," according to an announcement today.
American Direct Funding, as the new division is known, "is geared for successful, experienced mortgage originators who have an entrepreneurial spirit but seek the support of a corporate umbrella and the lending power of a national bank," said the bank's CEO, James Deitch, in the statement. "Mortgage professionals will operate independently and receive up to 100% commission payouts."
The new unit, headed by Jason J. Lloyd, will open up access to hundreds of conforming loan products, according to the Mountville, Pa.-based company.
"Typical Branch Operator candidates are experienced originators at national and regional mortgage banking firms who want to retain more compensation by eliminating the expenses of unneeded overhead and senior management, or someone successfully operating a mortgage brokerage or net branch," the statement said.