American Home launches correspondent loan departmentMortgagePress.comAmerican Home Mortgage American Home Mortgage (AHM) has launched a correspondent channel "to complement its retail and wholesale origination capabilities." This "complement" may soon be regarded as one more compliment and feather in the cap for American Home Chairman and CEO Michael Strauss and his executive team, who are intensely focused on building AHM into a top 10 mortgage lender. Currently, the company is among the nation's top 20 lenders and has an estimated market share of 1.58 percent, based on Freddie Mac's recent forecast of national market size. Rick Pishalski will direct the company's new channel of business, together with his entire team from E*Trade Financial Mortgage Services. Pishalski has 30 years of experience in the capital markets and correspondent lending business, and his team averages 19 years of lending experience. For 2006, Pishalski has set a run rate goal of $10 billion. Prior to the startup of American Home's correspondent channel, the company projected a total retail and wholesale loan volume of $26.7 billion in 2005. American Home's sales teams reach out to correspondents whose net worth ranges from about $500,000 to $10 million and above. The majority of American Home's business will gravitate toward the middle range, Pishalski noted. American Home Mortgage's Correspondent Lending Department is open for business, with a new Web site at www.ahmcd.com, a comprehensive pricing list and a well-developed customer approval process. In only the first few weeks, the new division has signed up more than 60 correspondents. Moreover, they have taken application packages from 12 new lenders (other than previous customers) who want to be correspondents of American Home. They have purchased their first loan and have a rapidly growing pipeline. The division went live on July 5. For more information, visit www.ahmcd.com.