Greenpoint Financial Corp., New York, completed its acquisition of the wholesale residential mortgage lending operation of Barclays American Mortgage Corp., a subsidiary of Barclays Bank PLC.
"Completing our acquisition of this high-quality mortgage origination platform will enable us to expand our highly profitable, nonconforming- mortgage lending business outside New York," said Thomas S. Johnson, chairman and chief executive officer of GreenPoint Financial, in a statement.
When the acquisition is complete, Greenpoint's origination business will serve 30 states with 14 sales offices.
Mr. Johnson said the new wholesale lending unit will continue to originate the Barclays unit's business of originating conforming and nonconforming mortgages to sell on the secondary market.
In May, Greenpoint announced a deal to purchase the 60 New York branches and $8.3 billion of deposits from Home Savings of America. When the acquisition is complete, Greenpoint Bank will be the largest thrift in New York, with $13.5 billion in deposits and 84 branches.