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NAHB: Builders converge on Capitol Hill to urge housing stimulus

National Mortgage Professional
Jan 08, 2009

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.
Published
Jan 08, 2009
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