Several new players have recently entered the correspondent lending space, and now a Texas firm has thrown its hat into the ring.
Gateway Mortgage Group announced last month that it was opening a correspondent lending division. Prior to that, American Home Mortgage Servicing Inc. disclosed the October launch of correspondent and warehouse lending operations. Impac Mortgage Holdings Inc. said in February that it created a new correspondent lending division.
Other recent entrants to the correspondent business include Merit Mortgage Services, Sidus Financial LLC, O2Funding and reverse mortgage lender Genworth Financial Home Equity Access.
On Wednesday, Guardian Mortgage Co. issued a statement indicating that a new correspondent lending unit will cater to community banks across the country.
The Plano, Texas-based company said that Joseph Collins has been hired as director of correspondent lending to head the new unit.
During his 30-year career, including two decades in correspondent lending, Collins reportedly worked for Washington Mutual, GE Capital Mortgage Services and Nations Bank Mortgage.
“Guardian Mortgage Co. is unique among lenders that I’ve worked with in the past,” Collins said in the statement. “Unlike many other correspondent lenders, they are concerned that the borrowers of their originating lenders get a good deal on the loan terms and a more personalized servicing relationship.
“Guardian lends ‘to-the-book,’ which means there are very few overlays to drive up costs for the end borrower.”
Collins claims that Guardian can offer low rates as a result of servicing its own loans.
