The role of Loan Production is to originate and fund new loans and to acquire already-funded loans through purchases from other lenders. The Mortgage Banking segment comprises three distinct sectors: Loan Production, Loan servicing, and Loan Closing Services. It also provides various loan closing services, such as title, escrow, and appraisal. The company generally performs the ongoing servicing functions related to the mortgage loans that it produces. In 2006, 45% of those mortgages were conventional non-conforming loans, loans too large to sell to Fannie Mae. Nearly all the mortgage loans the company produces in this segment are sold into the secondary market, mainly in mortgage-backed securities. The Mortgage Banking segment produces mortgage loans through various channels on a national scale.
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