Mortgage brokers in several states will have access to a relatively new wholesale mortgage lender operating from the Midwest. Employees are being recruited to handle the business.
USA Wholesale Lending was established in 2012 as the wholesale lending arm of Hallmark Home Mortgage. Both companies are based in Fort Wayne, Ind.
When it initially opened, USA Wholesale generated new business on a limited basis from several states. Its product line includes conventional and government programs.
The company announced Monday that including states where it is already licensed and states where it is on the verge being licensed, it will be rolling out its wholesale products in a total of 20 states throughout the Midwest, Intermountain West and West Coast.
In addition, it plans to expand to additional areas this year. Within three years, USA Wholesale expects to be operating in 32 states.
Mortgage production is expected to reach $1 billion a year.
Parent Hallmark Home Mortgage was established in 2006 by Chief Executive Officer Deborah Sturges, a former Waterfield Mortgage Company Inc. executive who capitalized on the sale of that company to Sky Financial Group Inc. by recruiting employees that became available.
The new president of USA Wholesale is Howard Hoyt. In today’s announcement, Sturges described Hoyt as a “founding father” of Waterfield’s wholesale lending company, Union Federal Bank. Hoyt is a 30-year mortgage veteran who most recently worked for Fairway Independent Mortgage Corp.
“USA Wholesale Lending offers a full range of agency and government loan programs, including Fannie Mae DU Refi Plus and Freddie Mac Open Access, as well as high balance products,” the announcement said. “The company is currently accepting application submissions from mortgage brokers, community banks and credit unions of all sizes.”
For clients that don’t want the expense of a full support staff, USA Wholesale it providing contract loan processing and fulfillment services.
USA Wholesale Lending’s staff of account executives and regional account managers is expected to reach 30.
“Top quality professionals” are being “aggressively” recruited for the expanded operation on a national basis, according to the announcement.
Hoyt noted that the lender is utilizing “state of the art technology.”