theMReport.com Your trusted source for mortgage banking news
""Envoy Mortgage,"":http://envoymortgage.com/ a Houston, Texas-based retail mortgage originator and servicer, is expanding its operations to include correspondent lending, helping fill a void as many financial institutions exit the space.
[IMAGE]""In the past few years we've witnessed an unprecedented withdrawal of liquidity from the correspondent lending market, as banks retreated from third-party lending,"" said Rick Thompson, CEO of Envoy Mortgage.
Thompson suggests Envoy and other lenders with similar market positions are ready to step up and fill that void.
""As a privately held originator and servicer operating nationwide, Envoy is well positioned to enter the correspondent market,"" Thompson said.
[COLUMN_BREAK]Todd Cheney, newly appointed SVP at Envoy, admits there are challenges to establishing a correspondent lending division but remains confident Envoy will do well in the new endeavor.
""The ability to enter correspondent lending is harder than it used to be, but Envoy has the intellectual capital, reputation, loan quality and risk management already in place for a top correspondent channel,"" Cheney said.
Dan Hastings, newly appointed EVP for the correspondent lending division at Envoy says not only is the ""timing bright"" for Envoy to enter the market, but also ""[m]ortgage servicing rights are more valuable today than in many years because of the high quality of loans.""
Cheney, as SVP, and Hastings, as EVP, will head the new division at Envoy. Both join the company from ""Affiliated Mortgage Company,"":http://www.affiliatedmortgage.com/ with at least 27 years' industry experience each.
Hastings was president and division manager of correspondent lending at Affiliated and has also filled senior manager roles at several mortgage companies, including Irwin Mortgage Corp., Dime, and Chase Mortgage Corp.
Cheney served as SVP and COO at Affiliated and was previously SVP of capital markets, servicing, and technology at Synovus Mortgage Corp.
