Real Estate Mortgage Network Inc. (REMN) has announced that its Menlo Park Funding branch division continues to see steady growth at the beginning of its second year after launch. Menlo Park has expanded from 12 branches in late 2010 to 20 licensed branches in the first quarter of 2012. Even in a challenging housing environment, Menlo Park Funding provides entrepreneurial, independent mortgage brokers and bankers the structure and resources that they need for success.
Menlo Park Funding began as a pilot program under REMN Wholesale in late 2010 as a way to help remove the operational and financial challenges facing independent brokers and bankers. In the last two years, MPF has gone on to become a proven branch system that allows those who share REMN’s commitment to affordable loan originations and customer service the chance to thrive again in the mortgage industry.
The Menlo Park Funding branch structure allows the branch manager the ability to pay top commissions with competitive pricing. Other benefits of becoming a part of Menlo Park Funding include access to REMN direct lending on jumbo loans, same day initial underwriting on most products such as FHA, VA, USDA, standard conventional loans and not being subject to big bank overlays. REMN utilizes its “securitization and servicing” structure to close and retain approximately 70 percent of its closed loans—a servicing portfolio approaching $3 billion.
“Not only does the company have a terrific internal structure, but we also provide big bank capital and resources under a private entrepreneurial mindset," said Sam Lamparello, CMB, director of Menlo Park Funding. "Combine that with an exemplary service philosophy and 800 of the mortgage industries best professionals, a winning result is inevitable. The bottom line is that MPF is the most attractive branch platform for the government-centric origination team.”