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Signature Bank Turns to AHM for Private-Label Help.(American Home Mortgage Corp.)
American Home Mortgage Corp. here is providing private-label mortgage processing services for Signature Bank, New York, through its online channel, Mortgage Select.
In addition, another American Home Mortgage division will provide loan servicing for Signature Bank.
As part of this transaction, another American Home Mortgage Investment Corp. subsidiary, Columbia National Inc., will assume the servicing rights for Signature Bank's $46 million servicing portfolio. Going forward, Columbia National will service all of Signature's originations, except for those sold on a servicing-released basis.
Among the items that made the arrangement attractive to Signature Bank, said Donald Henig, executive vice president for American Home Mortgage Investment Corp., parent of American Home Mortgage, is that the parent company is a real estate investment trust, and is capable offering the specialized products that Signature Bank customers need, including jumbo loans and co-op and condominium loans.
Signature, he noted, "is the quarterback" in the deal. It will decide what product to offer the customer and the rate. Loans will close in Signature's name using the bank's own funds.
"They make all of the decisions. We have to perform to their standards," Mr. Henig said. The arrangement has been operating successfully for the past two months.
He also noted, "Mortgage Select's private-label ...
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