Banc of Manhattan Capital, Woodland Hills, Calif., entered the correspondent mortgage channel late last year, buying $50 million worth of product in the month of December.
“It's a new business for us – and our plan is to grow it,” said Dan Baruch, an executive vice president at the bank owned company.
Baruch also oversees warehouse lending at BoMC, a subsidiary of Manhattan Bancorp. He joined the company about two years ago from Bank of America. BoMC boasts several former executives who once worked for B of A and/or Countrywide Financial Corp., including Ted Dahlke and Hal Hermelee.
“Bank of America is leaving a real wake in this business,” he said.
Manhattan Bancorp, meanwhile, is in the process of merging with Probiz Bank, Glendale, Calif.
Baruch is hopeful that once the merger is completed his unit will be able to achieve scale. “We're a nationwide lender,” he said.
