CalFed Is Forming Special Lending Unit
California Federal Bank, Los Angeles, is assembling a staff of about 20 lenders to originate home loans for poor and moderate-income people. Some will come from the thrift's existing stable of mortgage officers, while others will be hired from outside, said senior vice president Mark Ulmer.
The unit of CalFed Inc. until now has marketed loans to poor and moderate-income people through its main mortgage staff.
"We needed a more concentrated effort to pursue this business," said Mr. Ulmer.
The Office of Thrift Supervision has rated California Federal "satisfactory" in meeting the mandate of the Community Reinvestment Act. That is the second-highest of four possible ratings.
