Lehman Expands B&C Presence
The Lehman Brothers-owned Aurora Loan Services is doing a swift little business in 'Alt-A' lending and in now looking to expand its presence in subprime.
According to one Aurora official, the non-depository wants to "build a large platform" to fund subprime residential loans through mortgage brokers and correspondents.
The official said Aurora is looking to hire to reach its goals. In the third quarter, the Colorado-based lender funded $3.8 billion in home loans, $2.1 billion of which were 'Alt-A' but just $43 million in what the company considers subprime. Aurora is well known in the industry as a subservicer. At the end of September it had $23.4 billion in subservicing contracts, ranking fifth nationwide, according to the Quarterly Data Report.
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