WL Ross & Co.-owned mortgage servicer American Home Mortgage Servicing Inc. is changing its name to Homeward Residential to reflect the company's entrance into the correspondent and warehouse lending market.
The servicing shop opened its correspondent and warehouse lending operations in October of 2011 and has expanded its business to assist clients with loan closing services, REO management, home valuation, special servicing, sub-servicing and asset management consulting.
The Coppell-based servicer said the new name better reflects the company's jump into residential lending and real estate finance.
The firm's branding transition to Homeward Residential will be complete by the second quarter.
The name change is the result of employee and customer input.
American Home Mortgage Servicing manages $71 billion in serviced loans. WL Ross & Co., a private equity firm run by billionaire Wilbur Ross, is a majority owner of the AHMSI. Last summer, the firm expressed an interest in diversifying its product line and moving deeper into loan production.
Prior to stepping into the correspondent space, the firm functioned primarily as a subprime servicing shop.