Total Mortgage Services LLC has announced that it has formally launched its wholesale residential mortgage lending platform, TMS Funding, in 17 states across the United States. TMS Funding, which will compliment Total Mortgage’s successful retail lending platform, will offer mortgage brokers greater choice, service, efficiency and some of the lowest mortgage rates available.
“There is a significant opportunity and need in the wholesale channel today for quality lenders," said John Walsh, president of Total Mortgage. "Many lenders have exited the wholesale business and the remaining participants seem to have lost touch with the needs of the broker community. Through our centralized model, TMS Funding will enhance efficiencies and provide best-in-class service at very competitive rates. Our goal is to become an important resource for the mortgage broker community to help them quickly meet the needs of their clients.”
Jim Lynch, executive vice president of wholesale lending, is heading up the management of TMS Funding. Lynch is responsible for attracting and building sustainable relationships with high-quality mortgage brokers in order to increase production volumes and build market share. Lynch has more than 20 years of wholesale lending experience and has overseen wholesale lending channels on the east coast for American Mortgage Network (AmNet), Wachovia, and SCME Mortgage Bankers. Earlier in his career, Lynch was a high-performing account executive at Chase for nearly a decade.
TMS Funding will operate through a centralized model from its headquarters in Milford, Conn. and will initially be doing business in 17 states, with plans underway to be able to originate in at least 35 states by the end of 2010. The current 17 states TMS Funding is lending in are: California, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Michigan, New Jersey, New Hampshire, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.
“The mortgage broker plays a very important role in providing borrowers access to some of the lowest mortgage rates available,” said Walsh. “There are still many high-quality and knowledgeable mortgage brokers that are committed to doing the right thing to help local borrowers find the most suitable mortgage at the most competitive rate. These are the mortgage brokers that TMS Funding wants to partner with on an ongoing basis.”
For more information, visit www.tmsfunding.com.