Ridgewood Working on Adding Correspondent Channel
Ridgewood, a local mutual savings bank known for its wholesale and jumbo lending, is working toward also starting a correspondent channel, an executive told attendees at a New York Association of Mortgage Brokers conference Monday.
Art Saitta, assistant vice president, residential business development officer at Ridgewood Savings Bank, said at the annual wholesale conference that the bank is working toward starting the loan channel by yearend.
He said there has been another wave of brokers becoming bankers, which has created some new demand for correspondent lending.
Saitta, who was part of a panel of seven wholesale executives speaking at the event, said he also is finding that nonconventional lending ''is being tested again,'' particularly in California, and there is more competition in the jumbo market.
Denise Tragale, Northeast regional sales manager at Nationstar Mortgage, said her company since February also has been making more of a push in third-party origination channels.
Joe Amoroso, national director of sales at Real Estate Mortgage Network, said a trend he has seen recently has been interest in 203k government loans that are used for home purchases/rehabilitation, particularly in the Northeast.