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CIBM Bank has a new director of mortgage operations and is expanding into new markets, including Arizona, Connecticut, Florida, Massachusetts, New York and Rhode Island.
In addition to hiring Inland Home Mortgage veteran Frank Binetti as its new director of mortgage operations, CIBM Bank said Tuesday that it’s looking to more than double its mortgage originations by hiring a team of 30 new mortgage loan officers and several operational staff members.
Frank Binetti
Binetti is a former president of the Illinois Mortgage Bankers Association who served as president of Inland Home Mortgage for 13 years. He’s also active in real estate and builder associations, including the Building Industry Association of Greater Chicago and H.O.M.E. DuPage Inc.
Gary Maughan
“With Frank’s strong background in developing and growing mortgage lending teams, he will oversee mortgage loan officer recruiting and sales management for our mortgage division,” said CIBM Bank’s Mortgage Banking Director Gary Maughan in a statement. “Frank is a proven mortgage professional and we anticipate that the addition of his leadership and team of experienced lenders will grow our already strong mortgage business and create additional opportunities for the bank, our customers, and the communities that we serve.”
A number of smaller mortgage lenders who are focused on providing purchase loans to homebuyers sought to grow their market share in 2022 by investing in technology and building business through local connections.
Headquartered in Champaign, Illinois, CIBM Bank operates 10 banking offices across Illinois, Wisconsin and Indiana and has mortgage loan offices or officers in eight states. According to the Nationwide Multistate Licensing System, CIBM Bank employs 69 mortgage loan originators, who as federal mortgage loan originators can offer purchase loans and refinancing in multiple states.
CIBM Bank expanded its residential mortgage services in 2013 by acquiring the assets of Naperville, Illinois-based Avenue Mortgage Corp. The bank formed a government-guaranteed lending division in 2016, which originates loans throughout the Midwest and Southeast.
Before unifying its five brands as CIBM Bank in 2019, the company operated in different markets, such as Central Illinois Bank, Marine Bank, Avenue Bank and Avenue Mortgage.
CIBM Bank is a wholly owned subsidiary of Brookfield, Wisconsin-based CIB Marine Bancshares Inc.
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