Homestar Mortgage Services LLC, Paramus, N.J., has announced the formation of a Conduit Lending Division that will purchase and securitize closed alternative-A loans from mortgage bankers.Mary Glass-Schannault has been promoted to executive vice president of the division, Homestar said. Bela Donine has been named senior vice president and chief credit officer of the division, and Laurie Nicoli has been named senior vice president and director of national production in the unit. The Conduit Lending Division, headquartered in Foothill Ranch, Calif., is scheduled to begin operations late this year, Homestar said. The company can be found on the Web at http://www.homestar.com.
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