Cole Taylor Bank Launches Mortgage Origination Unit
Cole Taylor Bank, subsidiary of Taylor Capital Group (TAYC) launched a new residential mortgage origination unit. Former executive vice president of ABN AMRO Mortgage Group Willie Newman -- a 24-year industry veteran -- will head up the business. The mortgage origination unit will operate offices in several states, maintaining established relationships with mortgage brokers. It will also operate through remote retail origination sites and Cole Taylor's retail banking branches. Mortgages will be sold after origination, rather than held in portfolio. "We expect that the addition of this new line of business will be an important new source of fee income for our organization and will provide additional earnings diversification," said Taylor Capital chairman Bruce Taylor. Newman will report to Taylor Capital chief financial and operating officer Randy Conte, who indicated in a statement the unit should begin originating "high quality" first lien mortgages in Q110. Write to Diana Golobay.