NEW YORK CITY–NewOak Capital, a financial services firm here, has announced the creation of NewOak Credit Services. NewOak has leased 10,000 square feet of space at the Matrix Corporate Center in Danbury, CT for its newly created group.

Noted Ron D'Vari, CEO, NewOak Founding Partners, at a press conference to debut the firm, “Due to the sea change of regulations and transparency requirements by investors, the mortgage and related securitization industry is undergoing an enormous transformation. As a result, many of the financial institutions involved are revamping their infrastructure. This creates a critical need for independent advisory firms such as NewOak to develop effective new credit and risk solutions and services that combine highly skilled credit professionals, well designed processes, advanced technology, and massive amount of data.”

Added Chad Burhance, partner and head of NewOak Credit Services, “Our decision to expand our operations in Danbury was based on the desire to fill hiring needs by drawing from a broader pool of experienced candidates and new college graduates outside of Manhattan,” he said. “We plan on building a true center of excellence for our mortgage credit services business in Danbury, touching all aspects of the loan lifecycle from origination, surveillance, servicing oversight and securitization.”