Guardhill picks up IndyMac retail division
Guardhill Financial Corp., a Manhattan-based mortgage brokerage, has found new opportunities in a credit crunch that has led banks to scale back their mortgage lending.
The company, headquartered at 950 Third Avenue, at 57th Street, recently hired 30 new employees and plans to expand its New Canaan, Conn. office and open a new office in Jericho, LI, within the next several months.
“While many of the banks have been de-emphasizing mortgage lending, we’ve picked up [a] considerable market share,” said Alan Rosenbaum, president of Guardhill, a 17-year-old company that employs a total of 80 people.
The new employees come from the retail division of IndyMac Bank, which filed for bankruptcy in July.
Rosenbaum maintained that Guardhill has remained in solid financial shape despite the problems in the mortgage industry because the company’s clients tend to be “affluent customer[s] who can verify income and assets [and] have credit scores in excess of 700.”
But Guardhill has still had to adjust to stricter lenders’ guidelines in a world of tightened credit.
“We are being more cautious, making sure that we match the right lenders to the right borrowers,” Rosenbaum said.