NY Mortgage to Buy Origination Platform

New York Mortgage Co., a subsidiary of New York Mortgage Trust Inc., has agreed to acquire 41 mortgage banking offices and an approximately $300 million mortgage application pipeline from Guaranty Residential Lending Inc., according to the parent company.The offices are located in the Northeast and the mid-Atlantic states. The terms of the agreement were not disclosed. "By adding 15 branch offices, 26 satellites, 324 employees, and a very strong sales management team to our franchise, we will significantly expand our referral-based retail origination network throughout the East Coast," said Steven Schnall, chairman and co-chief executive officer of New York Mortgage. ".... Additionally, our focus to promptly replace our initial $1.2 billion portfolio of acquired mortgage-backed securities with self-originated loans will be greatly accelerated with this asset acquisition."