Cole Taylor Bank, a subsidiary of Taylor Capital Group Inc., says it has established a new residential mortgage origination line of business.
The new business will be headed up by Willie Newman, former executive vice president of ABN AMRO Mortgage Group.
The unit will have offices in several states, with production to come from established relationships with mortgage brokers, remote retail origination sites and production from Cole Taylor's retail banking locations. The loans will not be held in the bank's portfolio, but rather sold after origination, the company says.
Newman will report to Randy Conte, Taylor Capital's chief financial officer and chief operating officer.
‘We expect that the addition of this new line of business will be an important new source of fee income for our organization and will provide additional earnings diversification,’ says Bruce W. Taylor, chairman of Taylor Capital.
SOURCE: Taylor Capital Group Inc.