Having recently completed the purchase of mortgage servicing rights to approximately 4,600 loans from Liberty Savings Bank, as well as related office space and equipment, Cole Taylor Bank, through its Cole Taylor Mortgage division, is now ready to establish its own residential mortgage servicing platform in Wilmington, Ohio.
Cole Taylor Mortgage reports that it has hired an experienced platform manager to run the new servicing business. In addition, it plans to hire all of the approximately 50 Liberty Savings Bank employees who previously worked on Liberty's loan servicing operation. Those employees will continue to service the same loans during and after the transition, the bank said.
Cole Taylor Mortgage has been servicing its loans in-house, as well as through a third-party mortgage servicer. The bank said it expects that arrangement to remain in effect until early 2014, when it will bring its mortgage servicing completely in-house, with a goal of improving the customer experience.
Mark A. Hoppe, president and CEO of Cole Taylor Bank, said that by establishing its own mortgage servicing business, the bank will have the ability to ‘directly manage the operations and related costs associated with mortgage servicing and, most importantly, customer care related to its growing residential mortgage servicing portfolio.’
Headquartered in Chicago, Cole Taylor Bank boasts assets of $5.8 billion.