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Texas Lender Opening Correspondent Channel

Mortgage News

A company that already operates a branch recruiting division is now looking to the correspondent channel for growth and is hiring employees for the new unit — which is being utilized to help build a servicing portfolio. It’s just one of several companies to fill the void left by the exit of several big players.

Over the past two years, correspondent clients have lost access to Ally Financial Inc., Bank of America Home Loans and MetLife Home Loans. In addition, PHH Mortgage Corp. scaled back its correspondent production, while ING Mortgage abandoned correspondent lending altogether.

Among recent entrants into the correspondent lending space are Titan Capital Solutions, which launched in October, and Real Estate Mortgage Network, which announced its launch four months earlier. Also jumping on board in 2012 were Gateway Mortgage Group, Guardian Mortgage Co. and Impac Mortgage Holdings Inc.

Prior to that, new correspondent businesses were announced by Fairway Independent Mortgage, New Penn Financial LLC and Quicken Mortgage LLC.

On Wednesday, Envoy Mortgage announced that it, too, has expanded into correspondent lending.

Houston-based Envoy, which says it originates mortgages in 48 states, already operates a branch recruiting business.

“People in our industry like to win and nothing is more rewarding than contributing to a successful team,” Envoy says on its “become a branch” web page.

Envoy’s new correspondent business operates from Monroe, La.

Dan Hastings and Todd Cheney have been respectively recruited as executive vice president and senior vice president to build and run the new division.

Hastings and Cheney previously oversaw the expansion of Affiliated Mortgage Co., a correspondent lending business also out of Louisiana that is a subsidiary of Benchmark Bank.

“The fact that many large mortgage aggregators have exited or downsized their correspondent lending operations makes the timing bright for Envoy, with a national retail presence and servicing platform, to start its correspondent channel and retain servicing,” Hastings said in today’s announcement. “Mortgage servicing rights are more valuable today than in many years because of the high quality of loans.”

Envoy was founded in 1997 and previously operated as First Houston.

Prospective employees are encouraged to send their resumes to John Wood at [email protected].

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