The company acquired the residential mortgage loan origination platform last year, in connection with its acquisition of certain assets and liabilities of AmTrust Bank in an FDIC-assisted transaction.
With $6.9bn of prime agency conforming one-to-four family loans produced in the first nine months of 2010, the company’s mortgage banking operation is the 13th largest aggregator of agency-conforming one-to-four family mortgage loans in the US.
The company sells the one-to-four family loans it originates to government-sponsored enterprises rather than originating them for portfolio.
New York Community Bancorp chairman, president, and CEO Joseph Ficalora said New York Community Bancorp has been very pleased with the increasing contribution of the mortgage banking operation in Cleveland to its revenue stream since last December, and by the exceptional quality of its leadership and its sophisticated, yet user-friendly, platform which was specifically designed to significantly mitigate risk. While multi-family lending remains the cornerstone of its business model, the rebranding of the mortgage banking operation demonstrates our commitment to this additional line of business and New York Community Bancorp’s recognition of the value it has added to company.
