Open Mortgage expands into wholesale lending

Launches wholesale program for purchase and reverse mortgages

Open Mortgage, an Austin, Texas-based mortgage lender, announced Wednesday that it is expanding its mortgage offerings and adding a wholesale lending channel for purchase and reverse mortgages.

In a release, the company says that its wholesale program will offer a “wide range” of products including Federal Housing Administration loans, Department of Agriculture loans, Department of Veterans Affairs loans, and Home Equity Conversion Mortgages.

The program will also include Prime and Alt A loans, which Open Mortgage defines as “Non-QM Near Prime” and “Non-QM Non-Prime.

And all loans will come with “ competitive rates and no lender fees (on wholesale transactions),” the company said.

“By joining the Open Mortgage Wholesale Program, partners have access to an extensive network of loan programs, training, marketing, and loan tools,” Open Mortgage CEO Scott Gordon said of the program. “These provide brokers with powerful benefits.”

Open Mortgage also announced that it hired two industry veterans to lead its wholesale mortgage operation.

According to information from the company, Jerry Burleson will lead the traditional mortgage wholesale team, while Brenley Gagnon, a will serve as a regional sales manager for wholesale division of reverse mortgages.

“I am very excited to be part of a team that builds a terrific wholesale platform committed to providing the highest level of customer service,” Burleson said. “I am thrilled to be part of this dynamic group.”

Gagnon added: “The reverse mortgage industry is misunderstood, and many brokers and clients don't understand how these loans can change the lives of seniors for the better. It's an exciting time to be in this industry. Open Mortgage has given me the opportunity to educate our brokers and clients about the reverse mortgage.”

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