A mortgage lender out of California that already operates a wholesale lending channel has now opened up a correspondent business.
Nations Direct Mortgage LLC issued an announcement this week indicating that it has opened a correspondent lending division.
The newly formed division of the Irvine, Calif.-based company will initially purchase business in 18 states, the statement said.
Dubbed NDM Correspondent, the unit will purchase on a delegated basis loans insured by the Federal Housing Administration as well as mortgage originated for Fannie Mae.
Twenty-year mortgage veteran Jeff Haar has been hired to lead NDM. Most recently, Haar worked as a regional sales manager for New Penn Financial, according to the announcement. Before that, he was senior vice president of correspondent lending at Saxon Mortgage.
Haar noted in the news release that NDM will initially work with “seasoned mortgage bankers and financial institutions” and “stick to a few mainstream products.”
Nations Direct was hit with a $3,500 civil penalty from the Department of Housing and Urban Development in December 2009 over its unauthorized used of a HUD logo on its website.
Correspondent partner applications are being accepted online at www.myndm.com.
