REIT Sub Launches Wholesale Unit

New York Mortgage Trust Inc., a New York-based real estate investment trust, has announced the launch of a wholesale lending division by its taxable REIT subsidiary, The New York Mortgage Co. LLC.The company said the targeted average loan amount for the wholesale unit, headquartered in Bridgewater, N.J., is $350,000. The new unit, launched on July 7, is headed by division president Richard Payne and division chief operating officer Joseph Gorton. Its operations will be centralized. "By using a call center environment where account executives can work closely with operations staff to service brokers, we will be able to provide superior broker service," Mr. Payne said. "This approach will enable us to realize a lower cost per unit than if we were operating in a decentralized platform."