First PacTrust Bancorp Inc., a multi-bank holding company for PacTrust Bank and Beach Business Bank, is the latest to be approved as a qualified Ginnie Mae issuer.
In order to earn the designation, the company had to demonstrate its expertise in underwriting, originating and servicing mortgage loans. In addition, it had to prove that it has adequate quality control measures in place.
Jeff Seabold, managing director of the residential lending division at PacTrust Bank, says the designation ‘enhances our growth and strengthens our lending platform.’
‘We expect that our relationship with Ginnie Mae will have an immediate and positive impact on the success of our residential lending division and help us to make affordable housing a reality for qualifying low- and moderate-income households throughout the markets that PacTrust Bank serves," he explains.
Only Federal Housing Administration-approved lenders can become Ginnie Mae issuers.