Coastal Banking Announces Successful June Numbers

Posted by Orb Staff on August 26, 2009 No Comments
Categories : Residential Mortgage

Coastal Banking Co. Inc., the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., says its wholesale mortgage division reached the $1 billion mark in loan production in June.

The division, based in Atlanta, began operations in September 2007 and uses a conservative, risk-averse business model, originating primarily full-documentation, conforming mortgage loans that are pre-sold into the secondary market, the company says.

The company cites its entrance into the wholesale market at a time when many lenders were exiting the business as one of its keys to success, says Charles Wagner, senior vice president of the wholesale division.

‘In addition, we were able to create the division with nominal operational costs and free of the risk exposure that was troubling much of the industry due to past liberal lending practices," he adds.

During the first six months of the year, CBC National Bank's wholesale division has funded over $490 million in one-to-four family residential mortgages. While the initial surge in lending volume was concentrated more in refinance transactions, loans funded to finance home purchase transactions has steadily increased to represent more than half of all loans funded in June.

SOURCE: Coastal Banking Co. Inc.

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