Launched a few months back, the correspondent lending division of American Home Mortgage Servicing is approaching a monthly run-rate of $500 million and could wind up buying upwards of $6 billion in product by the time its fiscal year ends in September.
In an interview with National Mortgage News, AHMSI CEO David Applegate noted that the lender is also waiting on GNMA issuer approvals which would increase its production even more.
“We plan on becoming a much more meaningful force in lending,” Applegate told NMN.
For most of its short life, AHMSI – which is in the process of changing its name to Homeward Residential – has been known as Wilbur Ross' specialty servicing shop, but Applegate, who was hired away from GMAC Mortgage 18 months ago, has big plans for the lender, including a launch of a new direct-to-consumer call center operation by midyear.
AHMSI also has plans to expand out into subservicing and loss mitigation work. (For the complete story see the Monday weekly edition of NMN.)
