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.
