At a time when government officials and politicians are grappling with finding ways to
Firstrust Bank, based in Conshohocken outside Philadelphia, has entered a strategic partnership with MortgageCountry in nearby Blue Bell, Pennsylvania. MortgageCountry is licensed in 41 states and the District of Columbia.
Under the agreement, mortgage loans will continue to be originated and closed under the Firstrust name and its loan officers will remain as bank employees.
But the actual production will shift to the MortgageCountry technology platform, and the lender will oversee the function end-to-end and provide leadership. March 1 is the target date to book loans under this new operating model.
"Our team understands both the operational demands of mortgage production and the regulatory expectations," Ira Brownstein, president of MortgageCountry said in a press release. "Together, we will focus on efficiency, quality, delivering a seamless customer experience, and growth."
The two already have a working relationship. MortgageCountry entered the business in 2020, with warehouse financing provided by Firstrust.
"Residential mortgages are an important product for our customers and central to our mission of fostering home ownership," said Tim Abell, CEO and president of Firstrust Bank. "Partnering with MortgageCountry positions us to grow thoughtfully, manage risk more effectively in cyclical markets, and enhance the experience we deliver to our customers."
On Monday, Federal Reserve Vice Chair for Supervision Michelle Bowman, made comments about revisions to the Basel III framework with the intention of
Days before she made those comments, the House Financial Services Subcommittee on Housing and Insurance held a Feb. 11 hearing on the future of the secondary market.
In his opening remarks for that session, Mortgage Bankers Association President and CEO Bob Broeksmit
This apparently solicited a reaction from subcommittee chairman Mike Flood, R-Nebraska.
"I worry about banks, community banks, and their connection to Main Street when everything goes to the GSEs," he said when asking Broeksmit about the impact on mortgage lending at banks with the risk-weighting under Basel III. "I worry that we're losing our connection between banks and homeowners."
