Rolling Meadows, Ill.-based Platinum will buy traditional conforming and government loans, and has hired mortgage-banking veteran Mike Azzarello as senior vice president and managing director to head the unit.
Azzarello joins the mortgage banker from MPA Consulting LLC. During this career he has worked for Washington Mutual Bank and HomeSide Lending.
Platinum, which lends in 47 states, has been buying only closed 203(k) and Fannie Mae HomePath loans on a correspondent basis.
It is also a direct-to-consumer lender. Jane King, an industry veteran who has long specialized in renovation lending, has been running the Clifton Park, N.Y.-based unit.