HousingWire reports that First Guaranty Mortgage Corp (FGMC) is moving more into correspondent lending. This is a lending arena hit hard following the housing bubble burst in recent years. FGMC plans wholesale and retail originations under one umbrella, dubbed the Correspondent’s Edge. This niche-focused lending initiative will include manufactured housing loans along with rehabilitation loans. This will include the Department of Housing and Urban Development 203k or Fannie Mae HomePath loan. FGMC plans to compete with larger lenders in these arenas. “Many of the correspondents we speak with have found themselves limited to fairly vanilla loans, limiting them to a fairly narrow range of potential borrowers,” said FGMC Senior Vice President Andrew Peters. Peters added that “Correspondent’s Edge should provide them with additional tools and offerings, and widen the market for many of the newer correspondents making the transition from third party originator to correspondent lender.”
