REMN Wholesale Starts Bank and Credit Union Channel

REMN Wholesale, a part of Real Estate Mortgage Network Inc., Edison, N.J., has launched a community banks and credit unions channel to meet the specific needs those institutions have when selling loans on a flow basis.

A spokesman for REMN said this unit will be able to accept brokered and mini-correspondent loans from the community banks and credit unions. REMN’s Irvine, Calif.-based HomeBridge Correspondent division will be handling the fully delegated correspondent business from these institutions.

Brian Joy, business development manager, joins REMN to head up the community banks and credit unions channel. Most recently he held the role of National Solutions Director at Equifax, and has also worked at Washington Mutual, Merrill Lynch and Wachovia.

One of the advantages for these institutions to sell to REMN is that as a nonbank, the company will not interfere in the bank’s or credit union’s relationship with the customer. When a community lender sends a customer to a larger bank to get a mortgage, there is the chance that the customer may turn to that same larger lender for their future needs, such as a loan for a car or to open a savings account, REMN pointed out.

They “have built their businesses by offering customers high levels of customer service and they need a partner they can trust to help them compete against the larger institutions,” said Joe Amoroso, REMN’s national director of sales.