The investment banking arm of a European banking conglomerate has decided to try its hand at correspondent mortgage lending in America. The unit will focus on closed loan purchases of nonagency loans.
Deutsche Bank Securities Inc., the U.S. investment banking and securities arm of Deutsche Bank AG in Germany, announced yesterday that it established a nonprime correspondent lending group.
The Boca Raton, Flo.-based operation purchases closed loans from originators on a bulk purchase and flow basis, the company said.
The group utilizes "state of the art technology to make selling non-prime products fast and efficient," a company executive said in the statement. "With the use of automated systems, and other pricing and credit evaluation tools, we can provide our clients with tailored solutions to their non-prime mortgage lending needs."
Management includes former executives of First Franklin, Lehman Brothers and Citigroup, Deutsche said.