NetMore America Expands Originations in Maryland
Retail and wholesale mortgage lender NetMore America is now licensed to originate mortgages in Maryland, bringing the total number of states the company operates in to 26. NetMore America began its Maryland originations through its wholesale lending program, which only approves brokers after extensive background checks, the company said. The company plans on expanding in the state with retail outlets in the future. The Walla Walla, Washington-based company currently originates half of its loans through Federal Housing Administration (FHA) programs and half are sold to the mortgage agencies Fannie Mae (FNM) and Freddie Mac (FRE). For its fiscal year ending Sept. 30, the company originated $1bn in residential mortgages, and the company set a production goal of $1.3bn to $1.5bn in loans for the 2010 fiscal year. “NetMore is building a nationwide lending platform in a responsible and strategic manner by focusing on states with high potential for quality business,” said NetMore America president and CEO Mark Freedle. “Today we believe those markets are based on the East Coast in the Mid-Atlantic region, which includes areas such as Maryland, Virginia and Washington DC, as well as in states such as Florida, Pennsylvania and New Jersey,” he added. Write to Austin Kilgore.