According to the Redondo Beach, Calif.-based company, the new correspondent channel will enable approved lenders to close Civic Financial Services loans in their own name, as well as access to warehouse lines. Zeenat Zonte, who was previously a regional sales manager with Ditech Financial and a vice president and division manager at New Penn Financial LLC, has been hired as director of correspondent lending.
“Simply put, we understand the needs of our partners,” said William J. Tessar, president of Civic Financial Services. “In the wholesale arena, private money products were only available through the broker vein, which meant less revenue for the mortgage banker. In the private money arena, lenders were previously limited by the amount of capital they could raise.”