A new cooperative targeted at mortgage brokers promises to improve access to wholesale lending programs while streamlining the origination process for wholesale lenders.
An announcement Thursday indicated that Wholesale One has been launched as a new cooperative for the wholesale mortgage industry.
Membership in the St. Louis-based cooperative is targeted at mortgage brokers as well as other third-party mortgage originators.
Wholesale One says it is dedicated to creating a more stable and efficient wholesale lending environment for brokers and wholesalers.
Brokers who join the cooperative are promised access to a standardized, stable and streamlined fulfillment platform.
Wholesale One says its member brokers will lower their loan transactions expenses, expand their product offerings and improve their recruitment and retention of top performers.
In addition, loan originator productivity will improve as a result of access to a reduced-cost customer relationship management solution, free continuing education courses and discounted training experts.
Wholesalers that earn a “preferred” designation from Wholesale One are promised improved efficiency, expanded reach and standardized loan packages.
The company is a subsidiary of Altisource Portfolio Solutions SA, which is additionally the parent of the Lenders One cooperative. Lenders One, which is also based in St. Louis, reports that its members originated $224 billion in 2013.
Greg Murray has been named chief executive officer of Wholesale One. Murray, who has an “extensive background in the third-party originations,” has worked at Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. — among other firms — during his 23-year mortgage career.
“This $100 billion market is facing a variety of funding, compliance and operational challenges, so the timing is ideal to step in and deliver a crisp, streamlined execution platform to help ensure product diversity remains available for today’s home buyers while enabling compliant growth for the mortgage broker community,” Murray stated in the announcement. “The proprietary technology and originations expertise at Altisource, combined with the collective buying power inherent in a cooperative, means there is truly an opportunity to help third-party originators navigate an evolving market while helping to alleviate business process and compliance challenges.”
Wholesale One is online at www.wholesaleone.com.
