In announcing the deal’s close, Deutsche Bank said that Chapel Funding’s origination and servicing business will be operated under the name ‘db home lending’ as a part of Deutsche Bank’s global markets residential mortgage backed securities (RMBS) platform.
The company also said that db home lending will be a national lender, licensed in 36 states, offering its network of brokers a wide variety of products.
This transaction is an important step for Deutsche Bank as we continue to develop a vertically integrated residential mortgage backed securities business, said Phil Weingord, managing director and head of global markets Americas at Deutsche Bank. This new mortgage origination capability gives us significant competitive advantages, such as access to a steady source of product for our securitization program.
This is a great acquisition for us and leveraging Chapel Funding’s business alongside our other channels of mortgage loan origination, such as the recently announced acquisition of MortgageIT, will further advance our position as a leading RMBS player, added Michael Commaroto, managing director and head of US home equity whole loan trading at Deutsche Bank.
