“That’s the sweet spot for us,” CTM president Willie Newman said in an interview with National Mortgage News.
At the end of September, CTM’s servicing contracts totaled $6.23 billion, a stunning 815% increase from the same period a year ago.
Newman said that growth has been fueled by CTM’s own originations but also purchases of MSRs in the secondary market. The company has been buying from both nondepositories and community banks. “We’re buying mini-bulk,” said Newman. “In the months ahead we’ll continue to buy MSRs.”
Among all residential servicers, CTM ranks 46th, according to figures compiled by NMN and the Quarterly Data Report. The lender/servicer, a subsidiary of Cole Taylor Bank, is based in Ann Arbor, Mich.