Startup Wholesale Lender Tops $1bn Origination Volume
NetMore America, a two-year-old wholesale and retail mortgage lender based in Walla Walla, Washington, announced it funded more than $1bn in loans during the fiscal year ending on Sept. 30. The company, which operates a wholesale channel in 22 states that accounts for 60% of its business, as well as retail branch system with 18 locations. Netmore said its origination business is 40% purchase loans and 60% refinancings, split evenly between Federal Housing Administration (FHA) loans and government-sponsored enterprise (GSE) mortgages. “We will continue to focus on enabling our lending partners, mortgage brokers and our branch system to operate in a friction-free environment optimizing the lending value chain to operate more efficiently and empower them to exceed their own expectations,” said Mark Freedle, Netmore president and CEO. As the company grows its wholesale lending operation to more states, Netmore said it hopes to originate $1.3bn to $1.5bn during fiscal year 2010. “Despite the full blown reset of the wholesale channel, the high quality, better skilled and credible mortgage broker is not going away. There is a definitive need in the marketplace for experienced independent mortgage professionals that are committed to extensive product knowledge, ethical behavior, customer service and open and honest communication to help borrowers understand the mortgage process, set and manage expectations and put them into the right mortgage,” Freedle added. Write to Austin Kilgore.