|
|
| Eighteen former employees of CUNA Mutual Mortgage Corp. have formed their own mortgage banking company in Middleton.
The new company, Greystone Residential Funding, is a subsidiary of Greystone & Co., a financial services and private investment company with headquarters in New York and 30 offices in 18 states. The new company has applied for licensing in 13 states and hopes to be authorized to make loans in all 50 states by midsummer. CUNA Mutual Mortgage Co. was sold earlier this year to PHH Corp. of Mount Laurel, N.J., and about 160 jobs were eliminated. Jack Eich, CUNA Mutual Group spokesman, said the formation of Greystone Residential Funding won’t affect the sale. Greystone president Dan Rotert said his company plans to target former CUNA clients. “Our intent is to enter the space that CUNA Mutual Mortgage vacated,” said Rotert, former senior vice president and chief operating officer of the CUNA Mutual mortgage company. “We are very excited that those relationships are going to follow us here.” Rotert said the new company’s goal is $1 billion in finalized loans for the first year and that the work force will double in the next two months. Greystone Residential Funding will invest in mortgages issued by smaller banks and credit unions. “There are 18,000 financial institutions across the country with assets less than $1 billion,” Rotert said. “That’s the marketplace.” He said Greystone & Co. of New York and its affiliates manage or own more than $10 billion in assets, including student and commercial real-estate loans, but the company didn’t have a single-family residential lending subsidiary. Copyright |
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
