Chicago Bancorp Expands Operations to New York State

CHICAGO, April 26 /PRNewswire/ -- Chicago Bancorp today announced that the New York Banking Department approved its application to operate in the state as a licensed mortgage banker, effective immediately. The company now will offer its mortgage services, which include managing the entire loan process from origination to closing, to customers throughout the nation's third most populous state.

As the housing market stabilizes, Chicago Bancorp is confident that it will differentiate itself from its competitors in New York. Among the many benefits that Chicago Bancorp will bring to the state's residents is the company's ability to save the average customer up to $3,000 compared to most traditional mortgage companies, along with providing streamlined online processing to lower customer costs. Chicago Bancorp professionals walk customers through the mortgage process and offer them loan options tailored to their needs.

"We identified a strong demand in New York for a mortgage banker with the experience and lending power of Chicago Bancorp," said Stephen Calk, founder, chairman and CEO of Chicago Bancorp. "By expanding the company's unparalleled, full-service mortgage offerings to this new region, we are committed to working with more customers to simplify the loan process and help them experience the American dream of home ownership – even in this challenging economic climate."

With the new license, Chicago Bancorp will provide mortgage services in 17 states throughout the country – Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, North Carolina, Oklahoma, Texas, Virginia, Wisconsin and now, New York. The company, which never has recorded a quarter of loss, has proven that warehouse banks are lending again, as Chicago Bancorp now is able to lend $200 million per month.

"Chicago Bancorp's expansion into New York is an important step for the continued growth of the company," said John Calk, president and chief operating officer of Chicago Bancorp. "As one of Chicago's largest privately held retail mortgage banks, we look forward to working closely with customers and regulators to make a strong footprint in the state of New York."

ABOUT CHICAGO BANCORP

Chicago Bancorp is one of the nation's largest independent retail mortgage bankers. The company operates throughout the United States. As a mortgage bank, it controls the entire loan process – origination, processing, underwriting, closing and funding. Its centralized loan operation is the industry's benchmark for efficient service. Its team of professional mortgage bankers and operations specialists is committed to closing loans by the requested date, with ten-day closings customary. The men and women at Chicago Bancorp understand the concerns inherent to the loan process and are dedicated to simplifying that process so the borrower's experience is uncomplicated and worry-free.

SOURCE Chicago Bancorp