Milford, Conn.-based lender/broker Total Mortgage Services is adding wholesale loan origination to its services.
The company credits its ability to expand to its decision not to participate in subprime lending. Total Mortgage's wholesale lending division will be headed by Jim Lynch, who has overseen wholesale lending channels on the East Coast for American Mortgage Network, Wachovia and SCME Mortgage Bankers.Â
‘While many are shying away from wholesale business, at Total Mortgage, we see it as a unique opportunity to fill a void created by the banking crisis,’ Lynch says.
Total Mortgage will take its first-brokered or third-party origination loan by Dec. 1, he adds. Lynch says a "steady and methodical expansion" of the wholesale channel will follow. The channel will be rolled out in the Northeast first, and Lynch plans to expand to the entire East Coast by 2011. In year three, the team will do business in all 50 states and have direct seller relationships with Fannie Mae, Freddie Mac and possibly Ginnie Mae, he says.
‘By year five, we plan to be among the nation's top 10 wholesale originators, with $4 billion to $5 billion in annual loan sales," Lynch projects.
SOURCE: Total Mortgage Services