PacTrust Bank, which has been expanding its mortgage business in recent weeks to include
Steven Sugarman, CEO of parent company First PacTrust Bancorp, stated, “Approval by Ginnie Mae requires that an issuer demonstrate the organizational, financial, procedural, quality control, and other characteristics necessary to participate in the program. I am especially pleased of this accomplishment, along with the other early successes that the PacTrust Bank residential lending division continues to achieve.”
The company has made several significant hires for its residential mortgage business, including Jeff Seabold as managing director of residential lending. In turn, he brought on Zoila Price, president of the warehouse lending division; Ted Ray, president of residential lending; and Rick Cassano, chief production officer.
According to the company’s press release, Seabold said becoming a Ginnie Mae issuer “enhances our growth and strengthens our lending platform. We expect that our relationship with Ginnie Mae will have an immediate and positive impact on the success of our residential lending division and help us to make affordable housing a reality for qualifying low- and moderate-income households throughout the markets that PacTrust Bank serves.”
