Fannie Mae has approved the correspondent lending agreement between Pillar Multifamily LLC, an affiliate of Guggenheim Partners, and George Elkins Mortgage Banking (GEMB), the firms report. The agreement takes effect immediately.
GEMB will now be the exclusive channel for Fannie Mae-eligible mortgage loans originated in Southern California for Pillar. Pillar will provide GEMB with local underwriting support to facilitate transaction flow.
"As a leading player in the Southern California commercial real estate market, GEMB will be an important partner for us in a key region as we continue to grow our Fannie Mae DUS business and build out the broader Guggenheim commercial real estate platform," says Robert Brennan, senior managing director and head of Guggenheim Commercial Real Estate Finance.
