Institution Expands Wholesale Business

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MORTGAGE EXPERT
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A California-based credit union more than doubled its mortgage production last year, plans to double it home-loan staff this year and is expanding its wholesale lending operation. Among programs at the wholesaler are piggyback seconds.

Last year’s originations at Kinecta Federal Credit Union were $2.55 billion, the company reported to Mortgage Daily.

Production during 2010 was more than double the $1.0 billion closed in 2009.

Mortgage employees currently on staff at the Manhattan Beach, Calif.-based institution number 40.

But Kinecta plans to double that figure this year.

Some of the growth will occur in Rosemont, Ill., where the credit union has opened a wholesale operations center. The site will provide customer service for mortgage brokers and handle loan processing, underwriting and funding services.

The new office is part of a wholesale lending expansion.

In addition to conforming programs, Kinecta offers purchase-money seconds as long as it closes the first mortgage.

Right now, Kinecta lends in 17 states. Its programs include portfolio mortgages.

Kinecta Chief Credit Officer Brian Robinett noted in the statement that the “wholesale mortgage lending division has been a fairly recent development and its positive results to date have added value to our asset base.”

Mortgage Expert

Mortgage Daily Staff

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