Cullen/Frost Bankers in San Antonio, Texas, is moving forward with a return to mortgage lending.
The $52.3 billion-asset company said in a press release that it closed its first loan under a mortgage pilot program that largely included its own employees. It has been more than 20 years since Cullen/Frost had a meaningful presence in mortgages.
“That’s just the start of many good things ahead of us this year,” Phil Green, the company’s chairman and CEO, said in the release.
Cullen/Frost hired about 80 people to build out the business, including analysts, compliance and legal staff, and technology experts, according to published reports.
Three products are planned, consisting of a traditional loan, a jumbo mortgage and a “progress” mortgage designed for low- and moderate-income borrowers. The specialized loan will not charge private mortgage insurance (PMI).