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| A small California bank with a focus on jumbo programs reported more than $4 billion in residential originations last year.Union Bank, N.A., originated $4.5 billion in residential mortgages last year, the company said in a statement to MortgageDaily.com.
While the San Francisco-based bank could not confirm that last year’s fundings were 70 percent higher than in 2007, it did note that mortgage production has been rising over the past couple of years. Craig Cole, an executive with Union Bank’s residential lending division, explained in the statement that the company is building new business by acquiring new clients and improving existing relationships by cross selling mortgages. “The bank’s success is driven by our consistent attention to managing risk and opportunity and our unwavering commitment to credit quality,” Cole stated. “Since Union Bank is not dependent on the secondary market or exterior sources of funding, the bank is uniquely positioned to be successful especially in our long standing niche of making jumbo mortgages.” In addition to jumbo programs, Union Bank offers hybrid adjustable-rate mortgages and home-equity loans. The institution is a subsidiary of UnionBanCal Corp. — which itself is a wholly owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ Ltd and part of the Mitsubishi UFJ Financial Group Inc. Headcount at Union Bank is more than 10,000. |
