Content area
Full Text
Merrill Lynch Credit Corp., New York, has expanded the Merrill Lynch Correspondent Group here with the hiring of six industry veterans to handle sales.
MLCC chairman and chief executive Larry Washington said in the past the company had been buying loans through the correspondent channel, just not on a large scale.
In addition, it had only made purchases on a flow basis and the product being purchased had been nonprime originations. Now, the company is moving into "a more traditional correspondent business line," and is starting to buy prime loans, he said.
It will offer correspondents bulk and flow execution as well as customized deal structuring for jumbo and super jumbo loans. Most of the product...