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Champion Mortgage Co., a home equity lender, has spun off its loan servicing division and other back-office functions into a new division called Key Consumer Real Estate Services.
Champion is a subsidiary of KeyCorp Finance Inc. and the new KCRES division will continue to provide mortgage servicing functions for Champion as well as the other KeyCorp business units and parties.
Dan Rich, KCRES's new president, formerly an executive vice president with Champion, said, "One of the things that made this a logical effort was Champion's national expansion."
"Champion in 2000, had funded a volume of approximately $1 billion. In 2001, Champion is well on its way to exceeding that previous year's funded volume by 40%.
"We, on the servicing end, have to have computer systems and lock boxes and have to cover the entire ...