Nonbank lender HomeBridge Financial Services has lifted the curtain on a new mortgage platform aimed at community banks and credit unions.
The HomeBridge Affinity Mortgage Platform handles the entire mortgage process, from origination to closing to servicing, for community banks and credit unions, according to a company press release. The program also provides partnered financial institutions marketing resources to promote the new mortgage services.
"Offering a competitive mortgage platform just isn't viable or cost effective for most community banks and credit unions," said Rick Floyd, partner and executive vice president at HomeBridge. "With all of the personnel needs and infrastructure support, in addition to the changes looming from TILA-RESPA, it's becoming increasingly difficult to compete in mortgage industry."
The program is aimed at defraying some of the costs associated with providing mortgages. In addition to providing mortgage offerings to financial institutions that did not have them previously, the program can also supplement pre-existing mortgage programs at banks and credit unions.
To head up this new lending division, HomeBridge also brought on Joseph Cilento as a new vice president. Cilento most recently worked as chief operating officer for origination and servicing lender American Financial Resources. He also ran a mortgage advisory business and his own mortgage entity that was acquired by a bank.
In 2014, HomeBridge funded $6.4 billion in residential mortgages.