Houston-based Envoy Mortgage is expanding its nationwide mortgage origination offerings by launching a correspondent lending division with its operations center located in Monroe, La.
‘In the past few years, we've witnessed an unprecedented withdrawal of liquidity from the correspondent lending market, as banks retreated from third-party lending,’ says Rick Thompson, CEO of Envoy Mortgage. ‘We believe this vacuum will be filled by well-capitalized lenders like Envoy who've positioned themselves to aggregate loans from high-quality lenders and retain loan servicing relationships. As a privately held originator and servicer operating nationwide, Envoy is well positioned to enter the correspondent market.’
The independent mortgage lender has hired two mortgage bankers with extensive correspondent lending experience to build and run the new division. Dan Hastings, former president and division manager of the correspondent division at Affiliated Mortgage, is the new division's executive vice president, and Todd Cheney, former senior vice president and chief operating officer at Affiliated, is the new senior vice president.