NYMT REIT Sells Wholesale Ops

Tribeca Lending has agreed to purchase the wholesale arm of New York Mortgage Trust, a mortgage real estate investment trust, in an asset deal valued at $485,000.Tribeca, a subsidiary of Franklin Credit Management Corp., will offer jobs to 60 sales and processing staffers housed in NYMT's Bridgewater, N.J. office. Richard Payne, who is in charge of NYMT's wholesale business (which operates under the name New York Mortgage Co.), will become the new president of Tribeca. Tribeca also will assume the existing pipeline of alternative-A loans from NYMT. "Tribeca will pay [New York Mortgage Co.] 50 basis points for each loan in the acquired pipeline that is subsequently closed by Tribeca, an amount that is estimated to total $150,000 to $200,000," Franklin Credit said in a statement. Tribeca will not purchase any closed loans or other assets from New York Mortgage Co., or assume any liabilities other than the Bridgewater lease. Last week IndyMac Bancorp, Pasadena, Calif., agreed to purchase the 32-branch retail platform of NYMT for $13.4 million.