A California-based lender who claims to be among the country’s biggest originators of Federal Housing Administration loans is opening a wholesale lending division.
The Irvine, Calif.-based lender claims to be “a national leader in retail mortgage banking” as well as “one of the top FHA originators in 2009,” according to the statement.
New America said it is already licensed in 18 states and employs 175 people. Eight account managers and a director of wholesale have been hired for the new unit.
A spokeswoman said the company is “in hiring mode.” She declined to estimate originations this year.
The nine-year-old firm said it plans to initially roll out its conventional, FHA and jumbo offerings in California.
“We hope to sign up as many brokers as we can,” the spokeswoman said. “At a time when many lenders are shying away from wholesale, New American Funding sees an opportunity to continue to serve the broker community for those still in business and operating with integrity.”
Contact New American: