Conn. Lender in Pact with Long Island Realtor

Centerbank Mortgage Co. of Waterbury, Conn., has arranged to conduct retail mortgage originations in 15 Coldwell Banker Sammis real estate offices in Nassau and Suffolk counties in New York.

The originations will be through a joint venture with Long Island Mortgage Resources, according to an announcement by Thomas C. Brown, president of Centerbank.

"This partnership fits into our overall plan to expand Centerbank Mortgage Co.," he said. "As part of a new focus here, we're working to get as close as we can to the point of purchase, and we have plans to continue this momentum throughout the coming year."

Such partnerships permit mortgage companies and realty brokers to work together in generating home loans without violating the Real Estate Settlement Practices Act.

"Through our partnership with Centerbank Mortgage, we're not only increasing our expertise in the field, but we'll be able to provide one- stop shopping for our customers," said Quentin B. Sammis, owner of Coldwell Banker Sammis, which calls itself the seventh-largest Coldwell Banker affiliate in the country.

The arrangement will allow Centerbank to expand its activities in Long Island's affluent suburbs. It already has offices in Babylon and Riverhead. "Our partnership will definitely strengthen our presence in an excellent market where the average house balance is significant," said Nicholas A. Meras, senior vice president of metro and Middle Atlantic production at Centerbank Mortgage.

The deal will also allow Long Island Mortgage to expand its product line and to increase its marketing and processing capabilities.

Heading the partnership will be Kenneth J. Cudia, director of loan originations, a veteran of Long Island lending.

Centerbank Mortgage has a national network of 20 retail loan origination offices and 11 wholesale and correspondent offices. It is a unit of Centerbank, which has assets of about $3.1 billion.

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