The Bank Of New York?

[Claude From NY]

This used to be a very good client of the shop I was in during the 80's and 90's. Completed many a report for them. Do they still do mortgages? I know they were very active in reverse mortgages. Now I see that they are Bank of New York Mellon, asset and wealth management only.

 

[Eli Weiss]

BNY has a wholesale division, but I'm not sure if they do retail, I assume they do...
I have done appraisals for BNY through MB's.
Their website www.bnymortgage.com is down.....

According to a press release from March 26th Bank of New York sold its 49% stake in joint venture BNY Mortgage to Everbank Financial Corp.

http://reversemortgagedaily.wordpress.com/2007/03/28/bank-of-new-york-sells-stake-in-bny-mortgage/

 

[OSU Beavers]

aka The Money Store?

 

[MBD]

They do retail. I did an appraisal for them a few weeks ago.

 

[Lost Cause]

According to a press release from March 26th Bank of New York sold its 49% stake in joint venture BNY Mortgage to Everbank Financial Corp.

The sale of BNY Mortgage to Everbank took place in the Spring of 2007. Since then BNY, now BNY Mellon, doesn't do much (any?) residential business other than Private Wealth lending.

 

[Nikolay Pavlov]

Hm, BNY in New Jersey was purchased by Chase. I thought that was everywhere..

 

[Lost Cause]

Chase bought the BNY's branch network. Everbank bought out BNY's share in BNY Mortgage. Everbank had always been the lead/majority partner in BNY Mortgage. BNY Mortgage was an entirely separate organization from the Bank and its branch network.

After Chase bought the BNY branch network, BNY and Mellon Bank merged. BNY Mellon is still around and still making mortgage loans (though it no longer has any retail banking branch offices).