Virgin Money enters the wholesale mortgage marketMortgagePress.comVirgin Money, wholesale mortgage market, Sir Richard Branson, Kim Lanagan, Dennis Waller
Virgin Money has announced the company's headfirst entry into
the wholesale mortgage business, coupling its groundbreaking social
lending business with its first traditional lending offering. To
paraphrase a line from "A Charlie Brown Christmas," Linus said
"it's not a bad little tree; it just needs a little love." Virgin
Money USA took a similarly open look at the wholesale mortgage
business, and recognized an opportunity to create a better
option.
"As a consumer champion, Virgin Money offers greater options and
a better deal. At a time when others are exiting the mortgage
space, leaving consumers with fewer financing options, Virgin Money
is jumping in with its wholesale mortgage program," said Sir
Richard Branson, founder and chairman of the Virgin Group.
Virgin Money's "wholesale lending with a twist" provides a fresh
approach to an industry abandoned by traditional financial
institutions. Virgin Money will offer the mortgage industry
competitive rates and a high-touch broker relationship built within
a continuous value chain. The offering will include deal structure
assistance, broad conventional and FHA product sets, mortgage
processing--any and all elements to ensure borrowers get the right
loan. Virgin Money's approval process for brokers will be fair but
stringent, giving borrowers access to a team that is passionate,
responsible, committed and looking out for the borrowers' best
interests.
"Virgin Money sees a growing service gap in the mortgage
industry, which we plan to close and own," said Asheesh Advani,
Virgin Money founder and CEO. "Virgin Money is committed to working
with industry professionals to inject a new level of passion and
professionalism and drive the highest echelon of integrity for the
profession. Consistent with our commitment to bring innovation to
the industry--we will provide a customer experience unmatched in
any wholesale or retail mortgage environment."
As further evidence of Virgin Money's commitment to establishing
a better standard of practice within the mortgage brokerage
industry, the company will soon unveil a program for elite brokers
that will ensure borrowers work with mortgage professionals that
exhibit the behaviors, ethics and borrower-centric practices for
which Virgin stands.
"I'm proud of the experience and knowledge Virgin Money account
executives bring to bear-- they act as partners with brokers and
loan officers to best understand guidelines," said Advani. "We're
not there just to sell a loan. We support brokers through to the
closing."
Virgin Money's wholesale mortgage offering will feature the best
technologies available, allowing for:
• Real-time status updates and rate quotes
• Clear and updated product guidelines
• Ability to import brokers' 1003 directly using their loan
origination systems
• Paperless underwriting for all loans
• Ongoing, on-site technology training
Virgin Money's wholesale mortgage business leadership includes
industry veterans Kim Lanagan and Dennis Waller. Kim brings 17
years of financial experience with organizations such as Goldman
Sachs' Senderra Funding and New Century Mortgage. Dennis has 26
years of diversified experience in mortgage, finance, and sales
with companies like Citimortgage, Interfirst Wholesale Mortgage
Lending and Mortgage Guaranty Insurance.
To date, more than 150 brokers have joined the network. Virgin
Money is currently licensed as a mortgage lender in 35 states with
plans to be full licensed by year end. In addition to conventional
mortgages, Virgin Money offers FHA-approved loans, as well as
mortgage products geared toward creditworthy borrowers.
For more information, visit www.virginmoneyus.com.
