Deutsche Bank has agreed to purchase nonconforming lender Chapel Funding Corp., Lake Forest, Calif., for an undisclosed sum.Chapel, whose parent company is based in New Jersey, could not be reached for comment. Its CEO is industry veteran Gordon Stockwell. Outside of California, little is known about Chapel. One warehouse executive said he thought the lender was funding about $70 million a month in residential loans. Deutsche has been shopping for an origination platform for well over a year. (For more details see the Monday May 25 edition of National Mortgage News.)
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