IPISkyscraper to Occupy Top Broker Ranks

When Skyscraper Mortgage Co. of New York opened its doors in December 1986, it focused on the super-jumbo co-operative niche that dominates Manhattan's housing market. It would have been difficult to foresee that it would become one of the nation's largest mortgage broker operations. But its recently announced merger with IPI Financial Services, also of New York, has created one of the largest residential origination operations that does not use its own funds to close loans. The combination, to be called IPISkyscraper, has the potential to generate $2 billion in originations. According to Mortgagestats.com, a MortgageWire affiliate, that would rank it among the top four mortgage brokers in the nation. Neil Bader, who presided over Skyscraper's growth, has been named chief executive of the combined entity, which will have offices in eight states.