Mortgage Daily Logo

New Wholesaler to Launch

Mortgage News

A Connecticut mortgage firm has doubled originations and tripled its staff so far this year. By the end of the year, it expects to have a new wholesale division up and running.

From Jan. 1 to June 30, mortgage production at Total Mortgage Services LLC came in at $400 million, Total President John T. Walsh reported to MortgageDaily.com in a statement.

Volume has already exceeded the $385 million originated during all of last year. Walsh projects originations will reach $800 million by the end of 2009.

Since launching in 1997, Total reports production of more than 25,000 loans for more than $4 billion. It operates in 21 states as both a lender with in-house underwriting and a mortgage broker.

To support the growth, the Milford, Conn.-based firm has expanded its staff from 25 at the beginning of the year to 75. Walsh called the new hires “some very talented and experienced mortgage professionals.”

photo of John Walsh
Total photo of John Walsh


Total’s success was attributed to “unbeatable” rates and avoiding high-risk lending.

The company plans to roll out a wholesale division in the fourth quarter, and it has hired a “very experienced secondary person” to set up the division.

“We think that it is a perfect time to enter into this arena when everyone else is being forced to exit,” Walsh said in the statement. “We are taking our time putting all the correct pieces in place so that we don’t run into all the problems that other wholesalers (Taylor, Bean and Whitaker for example) have had handling this new environment.

“We see a tremendous opportunity for someone to come into this market with none of the baggage from the toxic mortgages and bad management.”

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam