NetMore America Inc., an expanding next generation mortgage banker, has announced that production volume surpassed the $1 billion milestone for its fiscal year ended Sept. 30, 2009, a 300 percent increase compared to the same 12 month period for fiscal-year 2008. The significant production increase was driven by both purchase and refinancing activity in the company’s wholesale lending platform and professional branch system.
“The $1 billion mark is a milestone that we are very proud to report as it validates our model and demonstrates our commitment to building the next generation mortgage banker through profitable and sustainable relationships,” commented Mark Freedle, president and CEO of NetMore. “We will continue to focus on enabling our lending partners, mortgage brokers and our branch system to operate in a friction free environment optimizing the lending value chain to operate more efficiently and empower them to exceed their own expectations.”
NetMore funded its first mortgage loan in October 2007 and is focused on building a mortgage banking leader through the power of the right relationships and a sustainable national platform. The company is currently able to lend in 22 states through its wholesale channel and 18 professional retail branches. At this time, NetMore is generating 60 percent of its production from its wholesale channel and 40 percent from its professional retail branch system of which, on average, 40 percent is purchase and 60 percent is refinancing activity.
The company’s goal is to build a nationwide lending platform in a responsible and strategic manner by focusing on states with high potential for quality business. NetMore is currently going through the licensing process in Maryland, which when finalized, will be its initial entry into the East Coast market. For fiscal-year 2010, the company is projecting production volume to increase to the $1.3 billion-$1.5 billion range.
“Despite the full blown reset of the wholesale channel, the high quality, better skilled and credible mortgage broker is not going away," said Freedle. "There is a definitive need in the marketplace for experienced independent mortgage professionals that are committed to extensive product knowledge, ethical behavior, customer service and open and honest communication to help borrowers understand the mortgage process, set and manage expectations and put them into the right mortgage.”
For more information, visit NetMoreAmerica.com.