Bank of Oklahoma in Tulsa this week hired former Fannie Mae executive Elliot Salzman as vice president in charge of correspondent lending.
Salzman in an interview with National Mortgage News said his mission is to help the bank grow its correspondent platform nationally.
"They entered correspondent about a year-and-a-half ago," he said. "They want to go national and expand it out to both coasts. We're looking to hire, too." Salzman will handle the operations side of the business.
Currently, Bank of Oklahoma is buying $30 million to $40 million a month from smaller correspondents, much of it within its bank footprint.
Bank of Oklahoma is the flagship bank BOK Financial (BOKF), a $25.4 billion-asset holding company with operations in eight states. The bank also owns BOK Mortgage, a top-50 ranked mortgage banking firm.
Based in Philadelphia, Salzman worked at Fannie Mae for three years and was in charge of due diligence for loans that went into securitizations.
He said that with some firms exiting the correspondent channel there is a huge potential for others to fill the void.