Residential Capital Corp. has re-entered the wholesale market, including jumbo lending, hiring a new executive to oversee the channel, ASR's sister publication National Mortgage News has learned.
The lender, whose parent company is majority owned by the U.S. government, is now rolling out new programs to loan brokers in selected markets across the nation. The company exited wholesale production more than two years ago.
A company spokesman declined to provide any production estimates but stressed that ResCap's offerings will include "everything." Fannie Mae, Freddie Mac and FHA product dominate the production landscape today, but jumbo lending is beginning to show signs of life again.
ResCap named Steve Gilcrest, a former operations executive at GreenPoint Mortgage, to oversee the effort as senior vice president. Over the past year he has worked as a consultant to ResCap. Among all residential funders, ResCap ranks fourth nationwide, according to figures compiled by the Quarterly Data Report.