Iselin, New Jersey-based HomeBridge Financial Services hired industry veteran Joseph Cilento as vice president to lead its new HomeBridge Affinity Mortgage Platform.
The new division is designed to provide community banks and credit unions with an way to originate residential mortgages.
Cilento brings more than three decades worth of experience in finance, secondary, treasury and regulatory matters.
Prior to joining HomeBridge, Cilento was chief operating officer of American Financial Resources, where he led the firm’s expansion into becoming a national origination and servicing lender.
“The HomeBridge Affinity Mortgage Platform is a cost-effective way for community banks and credit unions to offer residential mortgages while eliminating the need for the costly in-house origination, processing, compliance and regulatory systems needed to support them,” said Cilento.
“When a borrower has to leave the building in order to secure the best possible mortgage for their needs, it’s only a matter of time until the rest of their money follows along with them. When a community bank or credit union can offer mortgages through HomeBridge program, it not only broadens the institutions product base, but also significantly increases retention through an enhanced experience,” added Cilento.
In addition to providing a range of resources, HomeBridge supplies its affinity lending partners with marketing resources to help them promote the mortgage services now available.
“Offering a competitive mortgage platform just isn’t viable or cost effective for most community banks and credit unions. 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,” sad Rick Floyd, partner and executive vice president at HomeBridge.