While mortgage brokers have recently lost access to a number of wholesale lenders, one new entrant is quickly ramping up its staffing and client base.
ResMac Wholesale Lending opened for business on Jan. 2, according to the firm‘s president and chief executive officer, Nelson Haws.
While ResMac is based in Boca Raton, Fla., it also operates a support center in Newport Beach, Calif.
Among its offerings are conventional programs, Federal Housing Administration-insured loans and mortgages that are guaranteed by the Department of Veterans Affairs. It also provides loans that are guaranteed by the U.S. Department of Agriculture and jumbo mortgages.
“We offer a niche non-QM jumbo product and we are working closely with a number of partners to develop other non-QM products,” HAWS said in a written statement.
The wholesaler is currently licensed in 21 states, with license approval pending in another 10 states. Its goal is to be licensed in 49 states.
ResMac has already approved 117 brokers to do business, and that number is “growing daily.”
Brokers are evaluated based on the quality of their submissions, how many times an underwriter needs to review a file and the lock pull-through rate. They are also measured based the submission pull-through rate and the performance of loans they originate.
Each third-party originator is provided with a monthly performance report.
“Once approved, as in any good partnership, it is always necessary to continuously measure performance,” the company says on its website. “It should be extremely clear to our business partners that ResMac is committed to delivering the highest quality assets to our investors — investors like Fannie Mae, Freddie Mac, and Ginnie Mae, as well as other large mortgage asset aggregators. So in order to maintain a mutually beneficial relationship between our TPO clients and ResMac, we require that our TPO clients perform adequately within our quality framework.”
So far, 57 employees have been hired for the company’s wholesale division, Haws explained in a written statement.
But staffing is expected to reach a hundred by the middle of the summer.
Information about ResMac Wholesale Lending is online at www.resmacwholesale.com.