Deutsche Bank today announced it has completed its acquisition of Chapel Funding, LLC, a California-based mortgage originator.
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. db home lending is a national lender licensed in 36 states, offering its network of brokers a wide variety of products with a world-class service plan.
“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. “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," said Michael Commaroto, Managing Director and Head of U.S. Home Equity Whole Loan Trading.
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Deutsche Bank <NYSE: DB> is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,058 billion in assets and 65,435 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
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