National Mortgage Lender Launches Wholesale Lending Division
MILFORD, Conn.—Total Mortgage Services, a leading mortgage lender and broker, announced today that it is adding wholesale loan origination to its arsenal of services. Now the company will be able to offer even more reasonable current mortgage rates, reinforcing one of its strongest selling points.
“We are committed to providing customers with exceptional service and the lowest rates,” said Total Mortgage President John Walsh. “As a wholesale lender, we will drive down costs considerably, and pass the savings onto our customers.”
Considering that the financial services industry continues to battle through its worst crisis in 75 years, expansion may seem like a bold stroke. However, it makes excellent sense for Total Mortgage, which is thriving despite serious problems faced by other companies in the industry. The mortgage lender is excelling thanks to its decision not to participate in subprime and other high-risk loans, as well as its historical focus on low mortgage rates and customer service. Today, the company is leveraging its position of strength, as increasing numbers of mortgage brokerages fail to renew their licenses.
Total Mortgage has hired Jim Lynch of Milford to lead its wholesale lending division. With nearly 20 years of wholesale lending experience under his belt, Jim has recently overseen wholesale lending channels on the East Coast for American Mortgage Network (AmNet), Wachovia, and SCME Mortgage Bankers. Earlier, Lynch was a high-performing account executive at Chase for nearly a decade.
“Jim is an excellent leader who knows the mortgage industry inside and out. He has demonstrated time and time again that he knows how to establish a powerful wholesale lending engine from scratch,” Walsh said. “We are very pleased to add his valuable expertise, and to have his teams create even more deep and lasting partnerships with our customers. We also look forward to having him lead this new and critical service offering, which creates even greater value for potential and existing homeowners.”
“While many are shying away from wholesale business, at Total Mortgage, we see it as a unique opportunity to fill a void created by the banking crisis,” Lynch said. “Thanks to our strengths, we are not only surviving in this difficult market, we are thriving. In addition to the establishment of a wholesale lending channel, our success has enabled us to invest in a broad range of robust technologies. These investments have enabled the company to streamline operations dramatically. For example, our new loan origination software has superior fraud detection tools which will help prevent problem loans from clogging up our pipeline and typing up our resources. This enables us to originate loans with greater efficiency, and ultimately creates more savings opportunities for our customers.
Lynch said Total Mortgage will take its first-brokered, or third-party origination loan by Dec. 1. From that point, he plans a steady and methodical expansion of the organization’s wholesale channel.
“We will focus on what has always made Total Mortgage successful: quality, execution, and service to our investors and our broker base,” he said.
Lynch has set ambitious goals for the roll-out of the company’s wholesale channel capabilities. At first, he will target the Northeast, but he plans to cover the entire East Coast by 2011. In year three, the team will do business in all 50 states and have direct seller relationships with Fannie Mae, Freddie Mac and possibly Ginnie Mae.
“By year five, we plan to be among the nation’s top 10 wholesale originators, with $4 to $5 billion in annual loan sales.”
About Total Mortgage Services
Total Mortgage Services LLC, provider of some of the lowest current mortgage rates, is an industry leading direct mortgage lender and mortgage broker and has funded over $4 billion in mortgage loans since 1997. Licensed in over twenty states, Total Mortgage offers a variety of products and programs including fixed-rate loans, adjustable-rate loans (ARMs), jumbo loans, FHA mortgages and more. Visit TotalMortgage.com for current FHA mortgage rates, jumbo mortgage rates, ARM mortgage rates as well as other mortgage rates.
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- Public Relations Manager
- Total Mortgage Services, LLC
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