A New York bank has acquired a local mortgage broker with around a dozen mortgage loan originators. It’s the second time in the past three years that the financial institution has delved deeper into real estate finance.
Sterling National Bank was established in 1929 and has more than 500 employees. Its $2.5 billion in total assets as of March 31 included $122 million in residential loans and $178 million in commercial mortgages.
In April 2010, the Bank launched Sterling Warehouse Lending Group. The unit funds conforming loans and government-insured mortgages.
Now the New York-based company is making a move with a retail investment.
On Thursday, parent Sterling Bancorp announced that the bank completed the acquisition of Universal Mortgage Inc.
“We are acquiring a strong source of mortgage production that will complement our existing mortgage banking business and further enhance our significant level of noninterest income,” Sterling Bancorp Chairman and Chief Executive Officer Louis J. Cappelli said in the statement. “At the same time, Universal’s offices give us our first physical presence in Brooklyn — expanding our market footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages.”
Universal says it has been providing mortgage financing in Brooklyn for more than two decades. It claims to “rank among the highest-producing mortgage brokers nationally.”
During the past year, mortgage originations totaled $300 million.
The Nationwide Mortgage Licensing System and Registry reflects 13 sponsored mortgage loan originators registered for the Brooklyn-based mortgage broker. On its website, Universal lists nine loan officers — including principles Norman Calvo and Edward Ades.
“Universal’s principals and their team, most of whom are engaged in mortgage production, will join Sterling,” today’s announcement said.
Ades noted in the statement that the deal brings the advantages of a strong capital base, portfolio of products and services.
