KeyCorp, which over the fourth quarter saw its loan balance decrease despite receiving federal bailout funds, is preparing to push deeper into the Capital Region’s residential mortgage market.
The Cleveland bank holding company announced Monday it has more than doubled the number of mortgage originators in its local KeyBank Mortgage arm — all but capping a nearly 2-year-old campaign to beef up that business.
Taking advantage of the nation’s thinning ranks of residential mortgage brokers, the KeyBank unit has gone from employing five originators last year to 11 now. Bank officials said another hire is likely.
Heading the list of new hires is Tim Sherwin, KeyBank Mortgage’s producing sales manager in Albany. He previously worked as the first vice president and regional retail lending mortgage manager for HSBC Mortgage Corp. in Latham.
“We have seen good, solid increases in our business in the last 90 days,” said Helmut Gerstenbenberger, KeyBank Mortgage’s other producing sales manager in Clifton Park.
By the end of 2008, KeyBank Mortgage had $50 million in first and second residential loans in the region, where the bank has 51 branches. During the fourth quarter, the local operation raked in $16 million in new and renewed mortgages.