NEW YORK CITY-GlobeSt.com has learned that Eastern Union hired banking veteran Jim Hurtig—who also did a lengthy stint as a broker—for its new credit quality unit, which it announced on Monday. The division is a unique offering for a mortgage broker, Eastern Union's managing partner Abraham Bergman tells GlobeSt.com.
Hurtig comes to the mortgage brokerage firm after a 35 year career in banking and funding that included a stint as VP at Aberdeen Capital Group, as well as having served as a broker for 15 years. He was unavailable for comment at press time.
The company is looking to hire another former, high-level banking executive to head up its new unit, for which the mission statement is to bridge the gap between lenders and borrowers, Bergman says.
“We went out and said let's bring on staff who've worked for banks who have real life experience in how a lender looks at something,” he says. “We want them to be comfortable.”
Bergman continues, “The idea is that a former, high-level banker will give lenders confidence that the proposed financing has been properly vetted and is solid. The lender needs to feel secure that they have properly judged the risks and have deemed the loan to be a good investment. In other words, they need to feel secure that the loan will be repaid in full.”
“The new division,” he continues, “and the new to-be-hired executive, will help bridge any potential gaps between the borrower and the lender so that they better understand where the other is coming from in regard to the loan, and that they can start to view the loan as a good investment for both sides.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
