CONSHOHOCKEN, PA — Firstrust Bank announced a strategic partnership with MortgageCountry, LLC under which the Blue Bell-based lender will manage key mortgage production functions as the bank restructures its mortgage operations.
Under the agreement, MortgageCountry will oversee end-to-end mortgage originations and provide operational leadership. Mortgage loans will continue to be originated and closed under the Firstrust name, and the bank’s mortgage loan officers will remain Firstrust employees.
As part of the transition, all mortgage originations will move to the MortgageCountry technology platform. The target date to begin booking loans under the new operating model is March 1, according to the announcement.
“Residential mortgages are an important product for our customers and central to our mission of fostering home ownership,” Firstrust CEO and President Tim Abell said in a statement. He said the partnership is intended to support growth and manage risk in cyclical markets.
MortgageCountry was founded in 2020 by Ira Brownstein, who has more than 20 years of experience in the mortgage industry. The company provides mortgage warehouse financing through Firstrust Bank.
Brownstein said the partnership will focus on operational efficiency and regulatory compliance. “Our team understands both the operational demands of mortgage production and the regulatory expectations,” he said.
Firstrust Bank, founded in 1934, reported assets of more than $5 billion and operates 18 branch offices in Southeastern Pennsylvania, Cherry Hill, New Jersey, and Towson, Maryland.
MortgageCountry is headquartered in Blue Bell, Pennsylvania, and is licensed in 41 states and Washington, D.C., according to the company.
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