Affiliated Mortgage Co., a Monroe, La.-based subsidiary of Texas’ Benchmark Bank, has started a wholesale/mini-correspondent division that is getting started in the Lone Star State with a plan to expand from there.
The company said Jerry Alred, president of the Houston-based Classic Home Financial Inc., will lead the new division, which also will be based on Houston. His management, underwriting closing and customer service personnel will join Affiliated’s new third-party origination unit.
Alred said in a press release that being a division of Benchmark Bank will allow his team to sell directly to the agencies and offer customers warehouse lines, among other advantages.
“Our relationship with Jerry Alred and his team goes back many years and we know that we share a common business philosophy,” said Mike Barnett, chairman and CEO of Benchmark Bank, in the press release.
The company also has an expanding residential retail channel with branches currently in Georgia, Texas and Ohio, and a more traditional correspondent channel that offers lending services and products for banks, savings banks, credit unions and other financial services providers nationwide.