Private National Mortgage Acceptance Corp. plans to make a big splash in warehouse lending and late last week unveiled the leader of the effort: Paul Szymanski, once a top warehouse executive at the No. 1 player in that niche, Bank of America.
At June 30, B of A ranked first nationwide with an estimated $13 billion of warehouse commitments, according to figures compiled by National Mortgage News and the Quarterly Data Report.
Szymanski's hiring is effective immediately.
In a statement, the company's president, Stan Kurland, noted that the publicly traded real estate investment trust plans to link its warehouse business to its recently launched correspondent purchase business, which is headed by Doug Jones, who left B of A in June. (Jones was head of retail sales and institutional mortgage services.)
"Paul is an experienced and highly respected executive who has helped build one of the largest warehouse lending businesses over the past decade," Kurland said. "Developing the ability to provide warehouse financing to our correspondent business partners creates a lasting and mutually beneficial relationship as part of our long-term strategy for our correspondent lending group. These relationships also will help generate attractive investment assets for PMT at appropriate return levels."
At press time, a B of A spokesman had not returned a telephone call about Szymanski's departure, which is fueling speculation that the megabank may scale back both its correspondent and warehouse efforts.
