Envoy Mortgage Launches Correspondent Lending Division
As banks retreat from correspondent lending in unprecedented numbers, Envoy will enter this underserved market by aggregating loans from high-quality lenders and retaining loan servicing relationships on most loan products
- Top 30 lender hires veteran correspondent mortgage bankers Dan Hastings and Todd Cheney to run division -
HOUSTON, Jan. 23, 2013 /PRNewswire/ -- Envoy Mortgage, a full-service mortgage banking firm founded in 1997, with retail branches currently originating loans in 48 states, is expanding its nationwide mortgage origination offerings by launching a correspondent lending division with its operations center located in Monroe, LA. The independent mortgage lender has hired two veteran mortgage bankers with extensive correspondent lending experience – Dan Hastings and Todd Cheney – to build and run the new division.
"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. "We believe this vacuum will be filled by well-capitalized lenders like Envoy who've positioned themselves to aggregate loans from high-quality lenders and retain loan servicing relationships. As a privately held originator and servicer operating nationwide, Envoy is well positioned to enter the correspondent market."
Until now, Envoy Mortgage has exclusively been a retail mortgage originator and servicer. The new correspondent channel will capitalize on Envoy's core strength of high-touch customer service, a quality that will foster meaningful relationships with mortgage bankers, credit unions and banks across the country that close their own loans. Envoy will leverage its national retail brand and expertise to grow national loan volume through the correspondent channel.
Dan Hastings was named executive vice president and Todd Cheney senior vice president of Envoy Mortgage. Both Hastings and Cheney each have more than 27 years of mortgage lending experience, most recently at Affiliated Mortgage Corp. where they ran its correspondent lending division. Hastings served as president and division manager of the correspondent division at Affiliated, while Cheney was senior vice president and chief operating officer. Hastings also has served on a senior managerial level for multiple longstanding mortgage companies: Irwin Mortgage Corp., Dime and Chase Mortgage Corp. Cheney has previously served as senior vice president of capital markets, servicing and technology for Synovus Mortgage Corp. Both Hastings and Cheney are Certified Mortgage Bankers.
"The fact that many large mortgage aggregators have exited or downsized their correspondent lending operations makes the timing bright for Envoy, with a national retail presence and servicing platform, to start its correspondent channel and retain servicing," Hastings said. "Mortgage servicing rights are more valuable today than in many years because of the high quality of loans. Plus, retaining the servicing on most correspondent loans enables us to maintain superior customer relationships."
Cheney said, "It will be exciting to build Envoy's correspondent channel from the ground up. Dan and I know all the details required to create a successful correspondent division. 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."
Thompson added, "Pat Walden, our president and COO, and I were fortunate to work with Dan and Todd back in the early 1990s, so resuming the relationship seemed like a natural fit. They bring to Envoy a wealth of experience in how to do the correspondent business the right way. We couldn't be more excited about opening this new channel."
Envoy has begun recruiting staff for its new correspondent division. Resumes can be sent to John Wood, vice president of human resources at Envoy, at email@example.com.
About Envoy Mortgage
Envoy Mortgage is a full-service mortgage banking firm founded in 1997 and headquartered in Houston, Texas. Envoy operates a network of retail branch locations across the U.S. and currently originates in 48 states. The branches offer a full menu of loan products with the knowledge, expertise and technology necessary to enable all aspects of the mortgage process. Envoy's technology allows the company to maintain a completely paperless, in-house origination process, reducing costs and improving efficiencies. For more information, visit www.EnvoyMortgage.com.
SOURCE Envoy Mortgage