Real Estate Mortgage Network Inc. (REMN), a national mortgage lender based in River Edge, N.J., has announced the launch of Menlo Park Funding, a new branch opportunity for select independent brokers and bankers. Menlo Park Funding will be the fourth business channel in REMN’s existing wholesale, retail and consumer direct divisions.
"The original thought for Menlo Park Funding was to create a business channel for independent brokers that are currently doing business with REMN and having a tough time navigating the new rules for our industry," said Joe Amoroso, Menlo Park Funding’s national sales director. "With all the changes that have gone on in the broker world with licensing, disclosures and new compensation rules, many brokers have felt challenged, especially within the last year. Being that Real Estate Mortgage Network Inc. (REMN) is a major wholesaler with our brokers having a huge allegiance to us, we wanted to figure out a way to help those brokers who felt particularly challenged.
Menlo Park Funding represents a new option for brokers committed to the industry and looking for additional resources in today’s challenging times. Brokers who join Menlo Park Funding will benefit from REMN’s extensive resources, but even more importantly, will be aligned with a leading independent lender known for its first class commitment to quality.
“With Menlo Park Funding, we’ll be partnering with brokers who already share REMN’s commitment to quality and customer service, but need some assistance navigating the intricacies of the industry that weren’t in place when they first began doing business,” said Amoroso. "We think the broker business is here to stay. The big banks can't handle the volume or offer the same customer service levels that small mortgage bankers and mortgage brokers provide."
REMN’s commitment to customer service, quality, and education have helped the company become not only one of the largest independent mortgage lending firms in the US, but also one of the most respected in the industry. In addition to helping brokers adjust to compliance changes and bonding requirements, those who join Menlo Park Funding will have access to REMN’s comprehensive training resources to help ensure associates are up to speed on industry and product changes.
"Menlo Park Funding has gone so well with the branches that we originated through our wholesale division, that we decided to open it up to brokers that aren't already REMN customers," said Amoroso. "They too want access to a national mortgage banking company with IT support, training, compliance, administrative and help desk support, as well as our same day turn-times on new file submissions, which is always a favorite with our current brokers. Existing brokers that make the switch to Menlo Park Funding maintain the same account executives and underwriters that they would normally work with if they were already partnering with REMN as a broker."
Recently, REMN has opened eight Menlo Park Funding branches in the Northeast with more offices slated to open across the country during the second and third quarters of 2011.
"Menlo Park Funding is not in lieu of our wholesale business," said Amoroso. "Wholesale still remains one of our core businesses and that will continue to be. I'm very bullish on the mortgage brokerage business. We currently have nearly a thousand brokers who are actively sending us business. REMN has signed up more brokers in the last month than we've signed up in the previous three months combined!"