New York Community Bancorp Inc.'s Cleveland-based residential mortgage banking business will commence the production of residential loans under a new name, NYCB Mortgage Co. LLC, effective Jan. 3, 2011.
The company acquired the residential mortgage loan origination platform last year, in connection with its acquisition of certain assets and liabilities of AmTrust Bank in an FDIC-assisted transaction. The mortgage unit produced $6.9 billion of prime agency-conforming loans produced in the first nine months of the year, making it one of the nation's largest aggregators of conforming loans.
In addition to diversifying New York Community Bancorp's product mix, the mortgage banking business generated year-to-date revenues of $143.5 million, primarily in the form of gains on sale.
‘While multifamily lending remains the cornerstone of our business model, the rebranding of the mortgage banking operation demonstrates our commitment to this additional line of business and our recognition of the value it has added to our company,’ says Joseph R. Ficalora, chairman, president and CEO of New York Community Bancorp. ‘As we begin to source such loans through our retail network – in addition to the more than 1,000 community banks, credit unions and mortgage companies that are our clients – we look forward to building on our first year's success in the coming year.’
SOURCE: New York Community Bankcorp