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Former MBA Chairman Launches New Lender

Wholesale and retail channels to originate

May 3, 2012

By staff

The former chairman of the Mortgage Bankers Association is at the helm of a newly launched New York-based lender. Production is being generated from direct lending and mortgage broker channels.

John M. Robbins was chairman and chief executive officer of American Mortgage Network Inc. in 2005 when he was elected chairman of the Washington, D.C.-based trade group.

American Mortgage Network parent AmNet Mortgage Inc. was acquired in 2005 by Wachovia Securities just prior to the point when its own parent, Wachovia Corp., acquired Golden West Financial. AmNet exited the subprime market in January 2006 one year after wading into the high-risk business.

Robbins' other prior gigs include CEO of ICA Mortgage and American Residential Mortgage and president of MBA.

Now, American Mortgage Network is back -- at least in name -- and Robbins is leading it.

Robbins teamed up with New York-based Bexil Corp. to launch Bexil American Mortgage Inc. as a subsidiary of Bexil Corp. When the venture was originally announced in October 2011, the company was seeking acquisitions.

The San Diego-based startup said Wednesday that it is originating through wholesale and retail mortgage channels.

The wholesale operation does business as American Mortgage Network.

Robbins noted in the latest statement that the lender opened for business "slightly ahead of schedule and under budget."

The mortgage firm's three directors include Robbins, Thomas Winmill and Alex B. Rozek.

Rozek said that the lack of legacy issues is an advantage for the new company.

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