The third party originations channels will “grow exponentially” over the next few years, and First Guaranty Mortgage Corp., McLean, Va., wants to be ready for that, the company’s top executive said. Furthermore, said CEO Andrew Peters, the company is looking to move from being known as a boutique lender to being one who can meet all of kinds of borrower’s loan needs.
First Guaranty is placing its wholesale channel and its correspondent flow purchase channel under a single executive to help accomplish this, CEO Andrew Peters said. Jeffrey Gibson will take on the new position of managing director, TPO Flow. Until now he was assistant vice president, correspondent division manager.
The correspondent flow platform is a very robust channel under Gibson’s leadership for the past 18 months, Peters said. The two businesses are similar in nature. It is the same clientele for each, and for varying reasons someone who has a warehouse line elects not to close in its own name and broker the loan instead.
Wholesale and correspondent flow, rather than moving in opposite directions, should have been moving in the same direction together and this move helps to accomplish that, Peters declared.
First Guaranty is licensed in 42 states. Besides the TPO channels, it also has a retail division concentrated mostly in the mid-Atlantic states and a capital markets division which purchases bulk and mini-bulk portfolios.