Commonwealth National Bank outsources loan operations to Lendia
Commonwealth National Bank, a Mass.-based bank, has selected Lendia, Inc. to provide back office support for its residential mortgage business. Lendia, an outsource solutions provider, will manage Commonwealth's loan operation functions through its comprehensive outsource solutions (COS) suite.
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Commonwealth, which started business nearly five years ago, has four branches in central Massachusetts and plans to open two additional offices. The bank has been originating commercial loans since it started, and wanted to start offering residential loans. Lendia's back-office support will allow the bank to expand its services without having to add overhead.
"We are competing with banks that are 100 years-old, and we want to make sure our customers are getting the products that will meet their needs," said Charles R. Valade, president and CEO of Commonwealth. "Lendia gives us the flexibility to offer services outside Massachusetts."
In addition to offering processing, underwriting and closing services, Lendia's staff is equipped with the latest technology and an array of loan products adding more value to clients such as Commonwealth.
"We have a unique opportunity to provide services, staff, technology and loan products to our business partners that allows them to focus on expanding services to their client base," said Greg O'Connor, Lendia's chief operating officer. "The tightening of the mortgage market and the squeeze on the return on investment and equity at smaller banks make originating, and more importantly, selling loans a viable choice to enhance the institution's profitability. Many banks, such as Commonwealth, have re-evaluated their approach to doing business. At Lendia, we offer clients the ability to scale with their volumes without having to worry about additional costs related to those efforts."