On pace to close $3 billion in mortgage financing in 2013, Eastern Union Funding, one of the country’s largest commercial mortgage brokerage firms, is launching a credit quality division that will further enrich its relationship with the banking community, speed the mortgage approval process for banks, and elevate conversion rates on its loan submissions.
Bankers will benefit from the new unit because they will be able to make decisions about Eastern Union loan applications faster and more efficiently.
Eastern Union’s deal volume has been rising steadily and dramatically. The company now manages some 300 new submissions each month, and the pace continues to accelerate. Eastern Union’s multi-billion-deal pipeline is on a path to nearly triple its 2012 volume, itself the highest in the firm’s 11-year history.
Within the coming weeks, Eastern Union will announce the leadership of the new division, which will function outside the firm’s commission structure.
Operating under the overall supervision of managing partner Abraham Bergman, the unit will establish an internal system of checks and balances through which loan submissions will be reviewed by an experienced finance professional with a strong credit background.
The division’s leadership will have extensive knowledge of commercial banking, and will work in tandem with a bank’s underwriting, credit and processing departments.
“Eastern Union has always taken pride in our ability to consistently unite the interests of lender and borrower by closing only top-quality transactions,” said Bergman.
“With deal volume rising significantly, we will continue to live up to this high standard by ensuring that brokers understand the way bankers think about credit.”
“A banker’s time is precious,” he said, “and we want bankers to know that Eastern Union speaks their language.”
Eastern Union president Ira Zlotowitz added, “Even with a major surge in deal flow, our new credit quality division means that Eastern Union will maintain the high credit standards we have always set for borrowers.
“Our powerful relationships with bankers are critical to our success. The new credit quality unit will reinforce and fortify these relationships.”