A California-based wholesale lender that only recently launched operations now does business in 25 states and is hiring more account executives as part of its plan to go national.
In February, Kinecta Federal Credit Union announced a new wholesale lending operation. Doing business in 17 states, the institution said it offers conforming programs, purchase-money seconds and portfolio products.
On Tuesday, the Manhattan Beach, Calif.-based credit union said the number of states it does business in has risen to 25.
Among states now handled by newly hired account executives are Arizona, California and Colorado. Other states include Illinois, Kansas and Missouri as well as Ohio, Oregon and Washington.
In addition, plans to expand to into five new states and the District of Columbia have additional recruitment on the agenda.
In a statement to Mortgage Daily, Kinecta said its current account executive staff level is 25, and AE headcount is expected to reach 50 by the end of the year.
“With that, Kinecta will have account executives positioned to provide one-on-one customer service literally coast-to-coast,” the press release said.
Production is handled from a West Coast operations center in El Segundo, Calif., and a Midwest center in Rosemont, Ill.
Government loan programs are part of the Kinecta’s menu of products.
The financial institution, which previously reported $2.6 billion in production last year, said in a statement that about three-quarters of its business is wholesale and the other quarter is retail.
Kinecta said it has $3.5 billion in assets and more than 220,000 members.
