A retail branch lender that has been growing its branch network has announced its entry into the wholesale lending business. The move is expected to help it expand its portfolio of mortgage servicing rights.
Equity Loans LLC recruits mortgage brokers to partner with — including top producing originators, branch managers and former owners of companies that closed.
But the Atlanta-based company, which says it does business in 30 states, has now opened another origination channel.
A news release Tuesday indicated that Equity Loans has expanded into the wholesale lending market. Wholesale licensing has reportedly been obtained for 25 states.
“Equity Loans has entered the wholesale market to build its servicing portfolio and further enhance the lender’s diverse product offering,” the statement said.
A dedicated wholesale team has been established.
Kingsley Kodan was appointed senior vice president of sales.
Kodan’s 18 years’ experience include time at National Fidelity Mortgage Inc., or NFM, Franklin American Mortgage Co. and Carteret Mortgage Corp.
“Kingsley is instrumental in supporting our wholesale operations and we are confident his knowledge and expertise will be an excellent addition to Equity Loans,” Equity Loans Chief Executive Officer Kunjan Patel said in the announcement.
Equity Loans reported in January that it had expanded its headquarters and added 17 new branch locations.
