Ally Financial,formerly GMAC, is getting back into wholesale mortgage lending by extending the centralized underwriting team it uses for correspondent and retail lending to brokered loans.
This means wholesale lending will be done at a measured pace and with an emphasis on credit quality rather than market share, according to Adam Glassner, Ally's executive vice president of business lending and capital markets.
"We want our brokers to believe that they have risk," Glassner said last week while in New York for the Mortgage Bankers Association's national secondary market conference. "They're in the line of fire, just like our correspondent bankers."
While Ally has remained active in other channels, like many companies it by and large dropped out of wholesale in 2007, when the company shut HomeComings, its brokered-loan unit.