Narberth-based Royal Bancshares, the parent company of Royal Bank America, is dipping a toe in new waters by entering the residential and refinanced mortgage business for the first time, writes Jeff Blumenthal for the Philadelphia Business Journal.
The bank started taking applications in its branches this week, and will act as a mortgage broker under a new partnership arrangement with GMH Mortgage Services. Royal Bancshares will sell Conshohocken-based GMH’s products in Pennsylvania, New Jersey, Delaware, and Maryland. Its first products will be 15- and 30-year fixed-rate purchase money and refinancing.
Kevin Tylus took over the reins at Royal almost four years ago, as the CEO led the bank through a phased turnaround from 17 consecutive quarterly losses. After bringing the bank back into the black, he began expanding business lending, before moving to home-equity lending and now to residential mortgages.
“We wanted a more complete product set,” he said. “Rates are low and that has created an active mortgage market, so from a business standpoint, this was a good time for this product offering.”
Read more about the bank’s new business in the Philadelphia Business Journal by clicking here.
