Bexil Corporation has announced that mortgage origination operations have begun at Bexil American Mortgage Inc., a new mortgage subsidiary of Bexil Corporation focused on the wholesale and retail market. The wholesale division is entering the market under the name of American Mortgage Network, formerly a top 10 independent wholesale lender that was led by John M. Robbins, president and chief executive officer of Bexil American Mortgage. Robbins served as CEO of leading independent mortgage firms, including ICA Mortgage, American Residential Mortgage, and American Mortgage Network prior to their acquisition by large financial institutions. He is also a past president of the Mortgage Bankers Association (MBA).
“The commencement of operations at Bexil American Mortgage was slightly ahead of schedule and under budget,” said Robbins. “Bexil American Mortgage has a highly-seasoned management team that has worked together building previous mortgage banking startups spanning some 26 years. I am extremely proud of what this team has accomplished. Our priority now is building a dedicated and loyal employee base with a passion for delivering industry leading customer service levels and creating customer loyalty by being responsive to their needs.”
Bexil American Mortgage has three directors: John M. Robbins, Thomas Winmill, and Alex B. Rozek, managing member of Boulderado Group LLC. Boulderado is a significant Bexil stockholder and has been working with Bexil to explore acquisition opportunities and certain businesses.
“Bexil American Mortgage enjoys a unique competitive advantage among its peers," said Rozek. "In addition to its seasoned management team and substantial funding, the company has no legacy loan issues which are still impacting the industry as a result of the housing boom and bust. That leaves every dollar of invested capital in the business available for capturing the historic returns available today, without any risk of impairment from past vintage loan repurchases."
