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Growing Wholesaler Enhances Technology

Mortgage News

With nearly a billion dollars in projected annual originations, a Georgia-based wholesaler is beefing up its technology platform.

CBC National Bank projects wholesale originations will reach $0.9 billion during 2009, a company spokesman told MortgageDaily.com in a phone interview. So far this year, production is around $0.8 billion.

Last year, the Coastal Banking Company Inc. subsidiary originated just over $0.5 billion. CBC announced in August that it had reached $1 billion in production since launching in September 2007.

The Atlanta-based wholesale operation employs 39 people.

CBC — which in August entered a formal agreement with the Office of the Comptroller of the Currency — deals with around 270 mortgage brokers, according to the spokesman.

It lends in the states of Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

In an announcement today, CBC said it launched a technology platform, CBConnex.

The new platform includes real-time loan pricing and guideline matching, on-demand loan status updates and document imaging. The system also reportedly provides seamless integration with credit, automated underwriting, mortgage insurance and document preparation service systems.

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