The nation’s mortgage brokers, who have seen their options for wholesale lenders continue to erode, are being courted by a new wholesaler.
So far during 2014, Mortgage Daily has covered five companies that have stopped originating residential loans through the mortgage broker channel.
The recent exits were on top of last year’s casualties, when CitiMortgage Inc., Nationstar Mortgage LLC and Wells Fargo & Co. got out of wholesale lending.
Enter GMH Mortgage Services LLC.
The Conshohocken, Pa.-based company announced Thursday that it has opened a wholesale lending division.
GMH’s product lineup includes conventional mortgages, loans insured by the Federal Housing Administration, and mortgages guaranteed by the Department of Veterans Affairs or U.S. Department of Agriculture.
Brokers are being promised a wide array of products, a state-of-the-art technology platform and a fully-integrated loan origination system.
“The launch of GMH’s wholesale platform provides an opportunity for us to highlight to the underserved broker community the same five-star service and product suite that our retail division has experienced,” GMH President and Chief Executive Officer Joseph Macchione said in the news release.
Overseeing the new operation is Penny Smith, who has been appointed senior vice president of wholesale lending.
Smith originally joined GMH in February 2013 as vice president of processing.
GMH appears to be Smith’s first venture into wholesale lending based on an earlier GMH announcement and her LinkedIn profile.
“Illustration of the talented team at GMH is the fact that we literally had to look no further than our own hallway in Conshohocken to find the most qualified and experienced leader to build the platform for us,” Macchione added.
The new wholesale operation is online at www.gmhwholesale.com.
