John Robbins, the ageless former chairman of the Mortgage Bankers Association, is partnering with holding company Bexil Corp. to develop Bexil American Mortgage, a new residential lender that will focus on both retail and wholesale channels.
Robbins will head an executive team that previously built and sold several mortgage franchises over the years, the most recent of which was American Mortgage Network.
"This is a perfect time to build a new nationwide mortgage bank,” Robbins told National Mortgage News. “I have always felt real opportunity is born in the vacuum created by the bottom of a cycle. While many lenders are busy dealing with problems arising from a deep housing slump, we have the opportunity to create a nimble, efficient company not burdened with legacy loan repurchase issues."
Bexil American will have three directors – Robbins, Bexil CEO Thomas Winmill and Alex B. Rozek, managing member of the Boulderado Group, a significant Bexil stockholder.
Rozek who has extensive experience in investing in mortgage companies, said that after examining a number of opportunities, Bexil decided to build a mortgage business from scratch because it was "difficult, if not impossible," to quantify repurchase liabilities that come with acquiring an existing business.
"We opted to build a mortgage business from scratch because this was the only way to be 100% certain there is no exposure to mortgages from the bubble years," he said.
Robbins has served as CEO of three independent mortgage firms, including ICA Mortgage, American Residential Mortgage, and American Mortgage Network.
