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Less than two years after launching his U.S. mortgage venture, Sir Richard Branson wants to conquer the country’s ailing wholesale lending sector. But his firm is keeping mum about its lending capacity.Branson-owned Virgin Money USA Inc. announced yesterday that is diving “headfirst” into wholesale lending.
A Virgin spokeswoman declined to comment about originations or lending capacity, but she did indicate headcount at the mortgage unit is 100.By comparison, Wells Fargo Home Mortgage employed around 4,000 people before it acquired Wachovia Corp. on Dec. 31 — though last month it did temporarily suspend third-party jumbo programs and raise credit score requirements on third-party government originations. Running the mortgage broker operation will be executives who previously worked at Goldman Sachs, New Century Mortgage and CitiMortgage, according to the press release. Program offerings include FHA-insured loans and loans targeted at “creditworthy borrowers.” The Waltham, Mass.-based firm said it provides on-site technology training and enables paperless underwriting, direct uploading of loan origination system files and real-time status updates and rate quotes. “Virgin Money sees a growing service gap in the mortgage industry, which we plan to close and own,” Virgin Money founder and Chief Executive Officer Asheesh Advani proclaimed in the announcement. “We’re not there just to sell a loan. “We support brokers through to the closing.” |