Mortgage brokers across the country will soon have another wholesaler to fund their Alt-A and subprime loans.
American Residential Funding Inc. announced it has gone public and will soon offer a wholesale program to outside brokers.
The mortgage banking and brokerage firm said it has begun trading as a publicly held company under the pink sheets as ARFG.
"We are extremely pleased to begin this new chapter of growth and expansion for AMRES," company CEO Vincent Rinehart said in a written statement. "This new public market opportunity will strengthen AMRES' business opportunities in mortgage banking."
The Costa Mesa, Calif.-based lender's AMRES Mortgage Banking division, which is currently closing over $1.5 billion in home loans annually as a broker, will first be expanding their mortgage banking services to their own branch network and, in January, begin offering a wholesale loan program to other mortgage brokers, according to the announcement.
AMRES has over 300 loan programs, but its competitive edge is in the Alt-A/Subprime arena, said Lou Corral, a company representative. The wholesale program will be offered in over 20 mostly western states, but will also include eastern states such as Virginia, he added.
AMRES is reportedly licensed to originate loans in over 30 states from over 100 branch locations and is entering their eighth year in business.