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United Wholesale Mortgage's Interactive 2010 Good Faith Estimate

An interactive walk-through of United Wholesale Mortgage's 2010 Good Faith Estimate. Please contact your UWM Account Executive at 800-981-8898 ...

Chicago bank launches mortgage banking headquarters in Ann Arbor with 115 employees

The news reflects one of the largest commercial real estate deals in Washtenaw County over the last few years — and one of the largest single incidents of job creation in the private sector.

Newman, who leads Cole Taylor Bank’s mortgage unit, told AnnArbor.com the new operation would originate mortgages, acquire loans from mortgage bankers, service loans and package them for sale.

The unit’s growth — Newman launched it in December 2009 — comes as the mortgage industry has entered a period of prolonged stagnation in the aftermath of the U.S. housing market’s implosion.

Total mortgage originations for 1-family to 4-family residences were expected to fall from 1.572 million in 2010 to 1.182 million in 2011 and 907,000 in 2012, according to a forecast released Oct. 11 by the Mortgage Bankers Association . In 2013, mortgage originations are expected to rise to 1.103 million.

Newman said Cole Taylor Bank is well positioned to succeed in a challenging market.

Academy Mortgage Adds Two New Detroit Area Branch Managers

“We are incredibly pleased to have these two phenomenal men on our Academy team,” said Academy Mortgage District Manager Shawn Sirko. “They are a dynamic duo and have invaluable experience. We can’t wait to see how they grow their branch.”

Marrs (pictured left) began his mortgage career as a senior underwriter at ABN AMRO-Interfirst (now Citi), then advanced to managing an underwriting team at Washtenaw Mortgage Company. He worked as an independent loan officer for seven years before joining Gold Star Mortgage Financial Group, where he advanced from senior loan officer to branch manager. Marrs received his bachelor’s degree in business administration from Eastern Michigan University and his master of business administration from Wayne State University.

Terry (pictured right) entered the mortgage business as a loan officer for I.T. Mortgage. After successive promotions, Terry quickly became president of I.T. Mortgage, which later became Source Mortgage. Under Terry’s direction, Source experienced significant growth. When the lending landscape changed in early 2008, Terry joined Gold Star Mortgage Financial Group, where he eventually became a highly successful branch manager. Terry also attended Eastern Michigan University, where he received his bachelor’s degree in business administration.