Mortgage bankers have a new correspondent lender to sell their hard money loans to.
Allied Mortgage and Financial Corp. today announced that it opened a correspondent lending division.
The wholesale collateral-based lender specializing in hard equity said it has been experiencing rapid residential and commercial lending growth, so launching the division was a natural progression.
"Creating a correspondent lending division allows us to support our clients as they strive to improve originations -- and ultimately, their revenues," said Elliot Grub, senior vice president and chief credit officer at Allied, which operates online at www.AlliedMortgage.net.
Exceptional Mortgage Vice President Zach Edwards, an Allied correspondent, commented about the correspondent program in the announcement. He claimed that while many mortgage brokers have been affected by the slower market, "Allied is 100 percent responsible" for helping his business expand statewide with significantly increased volumes.
"They save me time, effort and money, and I can increase the scope of my services," Edwards reportedly said.
In addition to creating new lines of business, Sunrise, Fla.-based Allied said it recently released several new products and also closed on a new $100 million facility to fuel its expansion efforts.