LoanStream Mortgage, a California-based mortgage lender that specializes in wholesale lending through mortgage brokers and consumer direct lending through a series of branches, is planning a serious nationwide expansion.
The company announced Tuesday that it is plotting a 30-state expansion and plans to hire a boatload of mortgage professionals to lead that growth.
The company offers conventional loans, Federal Housing Administration loans, as well as a growing set of mortgages outside the Qualified Mortgage box, including loans up to $10 million and loans to borrowers without permanent residency.
The company’s “NanQ” lending program offers stated income, verified asset loans for high net worth borrowers; loans for self-employed borrowers; loans for borrowers with a recent credit event like a foreclosure; loans to borrowers with higher than traditional debt-to-income ratios; and more.
And now, the company wants to expand its non-QM programs across the country.
“Business is booming. Not every company can say that. After several years of planning and controlled growth, we are taking the gloves off!,” LoanStream President Lina Colon said. “With rising rates making non-prime more attractive than ever, growth has accelerated recently.”
Colon also said that the company is planning to launch a non-delegated correspondent channel. “We look forward to bringing our product innovation to mortgage bankers,” Colon added.
The company is looking for experienced sales managers, account executives, and branch managers to lead the expansion.
“We are laser focused on the growth of our third-party origination channel and our retail branch network, especially as it relates to growth of the non-prime product,” LoanStream Chief Operating Officer Serene Vernon said. “We are taking every opportunity to brand local Retail Branches cross county and hire AE's as quickly as possible.”
According to the company, Greg Armstrong, executive vice president of TPO production, is on a “hiring streak,” and can’t hire new account executives quickly enough.
“We are hiring qualified AE’s in 30+ states. We are seeing our biggest non-prime origination weeks, ever,” Armstrong said. “We can’t hire AE’s fast enough to cover the inquiries on our products.”