NewOak Capital announced the creation of NewOak Credit Services, which is expected to create up to 100 new jobs within three years, the company said.
Due to the changes of regulations and transparency requirements by investors, the mortgage and securitization industry is undergoing a transformation, Ron D'Vari, CEO and co-founder of NewOak explained.
"As a result many of the financial institutions involved are revamping their infrastructure. This creates a critical need for independent advisory firms such as NewOak to develop effective new credit and risk solutions and services that combine highly skilled credit professionals, well designed processes, advanced technology, and massive amount of data. Proper execution of these new services requires a large number of highly trained staff," he stated.
The decision to expand was based on the desire to fill hiring needs by drawing from a broader pool of investors outside of New York.
"We plan on building a true 'center of excellence' for our mortgage credit services business in Danbury, touching all aspects of the loan lifecycle from origination, surveillance, servicing oversight and securitization," said Chad Burhance, head of NewOak Credit Services.
He added, "We also identified the need to develop and execute a business continuity strategy to geographically diversify our operations."