|Deutsche Launches Correspondent Unit
Nonprime group based in Florida
June 4, 2004
By MortgageDaily.com staff
|The investment banking arm of a European banking conglomerate has decided to try its hand at correspondent mortgage lending in America. The unit will focus on closed loan purchases of nonagency loans.
Deutsche Bank Securities Inc., the U.S. investment banking and securities arm of Deutsche Bank AG in Germany, announced yesterday that it established a nonprime correspondent lending group.
The Boca Raton, Flo.-based operation purchases closed loans from originators on a bulk purchase and flow basis, the company said.
The group utilizes “state of the art technology to make selling non-prime products fast and efficient,” a company executive said in the statement. “With the use of automated systems, and other pricing and credit evaluation tools, we can provide our clients with tailored solutions to their non-prime mortgage lending needs.”
Management includes former executives of First Franklin, Lehman Brothers and Citigroup, Deutsche said.
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...