Tuesday, June 05, 2007

AmTrust Mortgage Eyeballing Coop Loans

AmTrust Mortgage (formerly Ohio Savings Bank) is looking to make a play for the New York City cooperative mortgage market. They have been FNMA approved to lend against coops for a long time, but only recently decided to try to wrap their heads around getting into this line of lending.

They've hired a top dog who formed Citibank's coop lending and asked Jonathon Miller to push out some numbers on the size of the market (about 5 Billion USD), so perhaps they are getting comfortable with this property type.

Interesting for those of us who have been doing coop mortgages for years to see a lender making baby steps into this robust market.

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