One wholesale mortgage lender has upgraded its technology, while another has launched a reverse mortgage product lineup. A consultant is helping wholesalers beef up their businesses.
New and prospective wholesale lenders are being courted by
The Business Loan Connection LLC. The company promises to help wholesale lenders develop their business strategy and get closer to their broker clients.
“For each assignment, I will visit the client at their office,” Bob Rubin, owner of the Southfield, Mich.-based firm, said in a written statement. “I believe in evening and weekend sessions; have knowledge will travel.”
Wholesale One recently announced three charter mortgage broker members: The Advantage Mortgage Group, Advantage Rate Mortgage and Ultimate Rate Mortgage Co. In addition, two wholesale lenders were approved by the national mortgage cooperative.
Wholesale One, which is based in St. Louis, is managed by a division of Ocwen-affiliate Altisource Portfolio Solutions.
United Wholesale Mortgage reported this month that
its wholesale lending business has grown “400 to 500 percent in the last four to five years, and roughly 1,000 percent over the last eight years.” Parent United Shore hopes to add between 400 and 500 new employees this year.
Last month, Troy, Mich.-based United Wholesale
unveiled UTrack, a significantly enhanced loan tracking system. The technology reportedly enables mortgage brokers and correspondent clients to provide a link to borrowers and real estate agents so they can track their loan process in real time.
“When the borrower or real estate agent clicks on the UTrack link to follow their loan’s progress, they don’t see UWM anywhere,” United Wholesale Mortgage President and Chief Executive Officer Mat Ishbia said in the Feb. 26 statement. “This tool was designed specifically with the broker in mind, so they are the hero and UWM remains invisible to the client.”
The tracking tool was announced one month after United Wholesale launched a new loan origination system.
The LOS was developed by an in-house team of 150 information technology professionals and took nearly a year to develop.
Dubbed EASE, the LOS utilizes
drag-and-drop technology and automatically populates its product-and-pricing engine.
United Wholesale recently launched its Investor Edge product for financing investor properties.
No income verification is required, and the debt-to-income ratio is based solely on the subject property’s proposed cash flow.
In Austin, Texas, Open Mortgage LLC announced last month that it has opened a wholesale reverse mortgage channel.
Open Mortgage’s entry into reverse mortgages follows its recent acquisition of 360 Mortgage’s reverse mortgage origination business.
Kirk O’Connor was hired by Open Mortgage as the new director of wholesale development.
