Less than a year after launching a new warehouse lending division, a Texas-based bank announced plans to start a correspondent lending program.
In August 2010, NexBank, SSB, disclosed that it had opened a new warehouse lending division. The company was targeting small- and medium-sized originators and mortgage brokers looking to transition into mortgage bankers.
On Monday, the Dallas-based firm announced the launch of its correspondent lending group. The new division promises “viable funding solutions with expedient turn times for banks and mortgage brokers.”
NexBank says correspondent lending gives originators more options in dealing with recent regulatory changes. It also gives mortgage brokers the opportunity to operate as mortgage bankers, and it enables community bankers to originate while leaving “leave the backroom work of underwriting to us.”
NexBank Executive Vice President Mike Rossi suggested in the statement that the division provides reliable access to funding while keeping operational burdens low.
In November 2007, NexBank announced the launch of a jumbo wholesale lending program for loans between $1.5 million and $10 million.