New York Community joins bank exodus from home mortgages


New York Community Bancorp in Westbury, N.Y., an active and prominent multifamily and commercial real estate lender, is quitting the single-family mortgage business.

The $49 billion-asset company has agreed to sell its mortgage banking business in addition to assets covered by loss-share agreements with the Federal Deposit Insurance Corp. to two different companies. After the exit, it will refer customer requests for home mortgages to a third party, as it did before the 2009 acquisition of AmTrust Bank. “From our customers’ perspective, nothing will change,” a spokeswoman said. (The third party is yet to be determined.)

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