In Georgia, ""Equity Loans LLC"":http://equityloans.com/ made two announcements: the launch of its correspondent lending channel and the hiring of two new executives to support the division.[IMAGE]
By expanding into the correspondent business, Equity Loans says it can provide mortgage bankers with correspondent lines greater flexibility in terms of interest rates offered to borrowers--a critical advantage as the environment shifts back to a purchase-driven market.
The expansion follows Equity Loans' earlier entry into the wholesale market.
""As other wholesalers exit the market due to increasing expenses, growing compliance costs and looming regulations, Equity Loans will continue to support the broker market and provide a higher level of service and attention to detail that the larger players cannot offer,"" the company said in a release.
Furthermore, Equity Loans says it has established a partnership with a warehouse lender that enables brokers to convert to bankers with only a $250,000 net worth.
Supporting the expansion are industry veterans Brian Gillespie and Greg Nolte, who are welcomed to the company as VPs for the Third Party Originator Production Channel.
Gillespie has more than 22 years of industry experience, spending the last 18 working specifically in the wholesale and correspondent mortgage industry. Prior to joining Equity Loans, he served as VP and Northeast regional sales manager for Freedom Mortgage, where he was responsible for wholesale and mini-correspondent production in the region as well as recruitment, training, and supervision of the firm's wholesale account executives.
For his part, Nolte brings more than 15 years of experience to support the new channels. Previously, he was the national retail branch recruiter for MCS Mortgage Bankers, where he recruited, trained, and maintained talent for a 14-state region while supporting the company's marketing and investor efforts. His previous experience also includes marketing and recruiting positions with AmeriFirst Home Mortgage, leading the East Coast for Ownit Mortgage Solutions Wholesale, and a stint as regional VP for First Franklin Financial.
""We are confident that Brian and Greg's deep knowledge and expertise of the wholesale and correspondent industry will successfully support our expansion and we are looking forward to having them join the Equity Loans team,"" said Kunjan Patel, CEO of Equity Loans.