A mortgage banking firm with wholesale and branch operations saw annual originations exceed $1 billion. The company’s chief is embracing high-quality mortgage brokers.
From Oct. 1, 2008, to Sept. 30, 2009, residential originations exceeded $1 billion at NetMore America Inc., an announcement today indicated.
Volume at the Walla Walla, Wash.-based company was up 300 percent from the fiscal year ended Sept. 30, 2008.
Projected volume for fiscal 2010 at the 215-employee firm is between $1.3 billion and $1.5 billion.
Three-year-old NetMore, which funded its first loan in October 2007, noted that the increase was fueled by strong purchase and refinance activity.
Production increased from both the wholesale channel and the branch system channel. Mortgage brokers generate around 60 percent of NetMore’s business, while its 18 retail branches account for 40 percent..
“Despite the full blown reset of the wholesale channel, the high quality, better skilled and credible mortgage broker is not going away,” NetMore President and Chief Executive Officer Mark Freedle said in the statement.
