Codorus Valley revamping mortgage, small biz lending

Codorus Valley Bancorp in York, Pa., which recently reached a truce with an activist investor, disclosed a series of moves to revitalize its mortgage and small business lending operations. 

The $2.4 billion-asset company said in a press release Thursday that it created three jumbo mortgage products geared toward physicians, entrepreneurs, and private banking and private wealth clients. 

The company also launched an online mortgage application and hired a sales manager during the first quarter. The sales manager, hired in late March, is responsible for building brand awareness, hiring mortgage loan originators for Maryland and training current lenders. 

Codorus Valley said its online small business loan app will launch this quarter. It will include streamlined underwriting, where prospects can complete an online assessment to determine if they meet eligibility requirements. 

Eligible borrowers will be able to apply for a loan online as part of a 15-minute process. Maximum loan amounts will range from $100,000 to $500,000 depending on the product. 

Codorus Valley recently announced a series of corporate governance measures tied to the resolution of a longstanding dispute with Driver Management. The company will appoint three independent directors and review its compensation and risk policies, among other things.