NexBank And The Funding Source Create New Retail Division

Posted by Orb Staff on July 24, 2009 No Comments
Categories : Residential Mortgage

-based commercial mortgage lender NexBank, in partnership with The Funding Source, has established NexBank Mortgage, a new residential mortgage division. The Funding Source, also Dallas-based, owns a retail operation and runs a mortgage technology platform that allows consumers to apply for mortgages online, and NexBank says the partnership will result in greater gains of scale in originating loans. "Together, we have the capability to offer consumers outstanding knowledge of the local market, expertise in crafting custom loan decisions and assurance to provide mortgages of nearly any amount," says NexBank President and CEO Davis Deadman. The new partnership provides The Funding Source with the resources of a local lender and the stability of being part of a large financial company, the companies say. The Funding Source customers will have access to NexBank's set of financial products, including savings and deposit services, Deadman adds. "Mortgages are an important relationship product, and NexBank now has the opportunity to better serve our customers and to enhance future profitability," Deadman says, identifying retail mortgages as a "key area of growth" for NexBank. All employees formerly with The Funding Source will transition to NexBank Mortgage – 14 jobs in total. This brings NexBank's employee total in its mortgage business lines to almost 40, up from zero at this time last year. The new mortgage division is headquartered at NexBank's Plano, Texas offices. SOURCES: NexBank, The Funding

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