PacTrust to Start Funding Warehouse Loans
PacTrust Bank, Irvine, Calif., hired Zoila Price to be president of the company’s new warehouse lending division. In addition, PacTrust said it is opening a correspondent channel as well.
PacTrust will start funding loans through the warehouse and correspondent programs in March 2013.
Robert Franko, CEO of PacTrust and president of parent company First PacTrust Bancorp Inc., said, “Over the past several months PacTrust Bank has invested in developing and building robust, compliant policies, procedures and systems to ensure the sound launch of the warehouse lending division and the correspondent program. We have engaged outside advisors such as Garrett, McAuley & Co. to ensure our approach reflects today’s best practices, and, most importantly we have hired exceptional, talented leaders who understand how to run these programs prudently in today’s market environment.”
Price has 25 years of experience in the mortgage business, where she has developed and restructured three warehouse lending platforms. Joining her at PacTrust are Ninh-Thu Do, Elsa Boyd and Diana Galindo.
Jeff Seabold, managing director of residential lending, said adding the two programs will allow PacTrust Bank to move from originating jumbo product to agency loans through the third party channel.
The correspondent program will be led by Ted Ray, president of residential lending and Rick Cassano, chief production officer, both of whom joined PacTrust in recent weeks.