Expanded unit looks to purchase jumbo loans
By MortgageDaily.com staff
3/31/2005

Merrill Lynch is looking to buy jumbo loans on a correspondent basis.

The company announced it has expanded its prime mortgage purchasing unit, Merrill Lynch Correspondent Group, which will offer correspondents customized solutions to meet their product and profitability needs, including customized structuring for super jumbo loans.

The expanded unit, a division of Merrill Lynch Credit Corp., will reportedly be headquartered in Jacksonville, Fla.

"Our financial strength provides us with the distinctive ability to create flexible and customizable arrangements to meet unique client needs," said the unit's chief executive Larry Washington in the announcement.

The Correspondent Group will offer bulk and flow execution, and besides super jumbo will also offer customized deal structuring for jumbo loans. Its menu will consist of LIBOR-based products, expanded and alternative document guidelines, best efforts and mandatory pipeline management, backed by the financial resources of Merrill Lynch, according to the announcement.

A team of seasoned "mortgage industry experts" have been hired to lead the group, Merrill said, including Bob Bodell, who will serve as the national sales director. Prior to joining Merrill, Bodell served as the executive vie president for First Nationwide Mortgage Corp., overseeing secondary marketing and correspondent divisions.

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