Craig Cole, a former mortgage production chief who recently retired from Union Bank, San Francisco, has launched a new consulting firm to advise clients on their jumbo lending and execution strategies.
The San Diego area-based company is called Emerald Consulting LLC.
Over the past three years very few jumbo MBS deals have come to market, but several investors continue to toy with the idea of launching nonconforming conduits.
For the past decade Union has been one of the nation's largest jumbo originators, funding loans through both retail and wholesale outlets. Instead of selling production into the secondary market, Union keeps mortgages on its balance sheet.
Cole retired from the bank in late October. During his long career in mortgages he has worked at Freddie Mac and other companies.
In terms of originations, Union is having one of its best years ever.
