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| A Washington-based lender is becoming a $1 billion player. Business is generated through mortgage brokers and net branches.NetMore America Inc. today reported approximately $100 million in loan originations during October. Production has soared from just $14 million for all of 2007.
Two-thirds of the business was FHA and one-third was conforming conventional. In August, NetMore told MortgageDaily.com that it projected more than $500 million in originations for 2008. October’s pace would position the company to do $1.2 billion in fundings annually. NetMore, based in Walla Walla, originates through both retail net branches and a wholesale channel. Headcount stands at 200 — up 50 employees from August. At least 50 more hirings are planned through August 2009. Today’s statement also indicated Edwin Fuchs was named Chief Financial Officer. Fuchs came from his role as CFO of Central Pacific Mortgage Inc. — which collapsed in February 2007. Former Central Pacific president and chief executive officer John Courson was previously chairman of the Mortgage Bankers Association. Courson was named MBA president and CEO in July. Related: Growing Lender Adding Employees |
