New York Community Bancorp Inc., Westbury, N.Y., will rebrand its Cleveland-based residential mortgage banking business as NYCB Mortgage Co. LLC, effective Jan. 3, 2011. The unit was acquired when NYCB picked up failed AmTrust Bank in a Federal Deposit Insurance Corp. transaction in December 2009.
The mortgage banking unit has originated nearly $7 billion in prime conforming residential mortgages in the first nine months of this year. It also has generated year-to-date revenues of $143.5 million for NYCB, primarily in the form of gains on sale.
NYCB chairman, president, and chief executive Joseph R. Ficalora stated, "We have been very pleased with the increasing contribution of the mortgage banking operation in Cleveland to our revenue stream since last December, and by the exceptional quality of its leadership and its sophisticated, yet user-friendly, platform which was specifically designed to significantly mitigate risk.
"While multi-family lending remains the cornerstone of our business model, the rebranding of the mortgage banking operation demonstrates our commitment to this additional line of business and our recognition of the value it has added to our company."
