Customers Bank, a regional bank with operations in Pennsylvania, Washington D.C., Illinois, New York, New Jersey and New England, recently expanded its residential mortgage team.
The team of 35, led by Director of Mortgage Lending Lorie Shannon, is growing its product offerings through jumbo non-QM loans, and broadening the bank’s reach through correspondent lending, according to a company press release. The team supports the bank’s efforts in providing a wide range of products and a high level of service to all customers for their residential home financing needs.
“Whether our customers are purchasing a new home, vacation home, or investment property, or whether they’re first time homebuyers, experienced home owners, or a relocation, we offer them a range of loan programs and a team with the technical expertise to meet their home financing needs,” Shannon said in the release. “The team is passionate about expanding our residential mortgage lending products and services, and is highly dedicated, skilled and fully engaged in providing exemplary service to our customers.”
Customers Bank’s jumbo non-QM loans will offer competitive adjustable rate financing and loan amounts up to $10 million, including for properties such as condominiums and others that fall outside of the traditional qualified market.
The bank also will soon offer jumbo non-QM loans through approved correspondent lenders that will offer borrowers competitive pricing, products, technology and services that meet their home financing needs, the release states.
“A rise in home prices, combined with changing guidelines for non-conforming programs, makes this an ideal time for Customers Bank to expand its residential offering in a way that makes the dream of homeownership a reality for more people,” Customers Bank President and CEO Richard Ehst said. “Economic improvements across the board have positioned some of those hardest-hit during the downturn to regrow, rebuild, and restart their lives in new homes, while creating a new starting point for entrepreneurs and self-employed small business owners. As their neighbors and members of their communities, Lorie Shannon and her team are the ones to help them do it.”