USA Wholesale Lending has announced its formal rollout of services after months of “soft launching” its wholesale program in several states. The company is currently licensed or about to be licensed in 20 states throughout the Midwest, Intermountain West and West Coast regions, and is actively recruiting for its expansion to additional areas in 2013. USA Wholesale Lending was designed to complement the retail efforts of its parent company, Hallmark Home Mortgage, which was founded in 2006 by CEO Deborah Sturges. When Waterfield Mortgage was sold that year and hundreds of experienced mortgage people became available, Sturges formed Hallmark Home Mortgage to capitalize on Waterfield’s exit. She held to that trend when conceiving USA Wholesale Lending.
Howard Hoyt, whom she describes as a “founding father” of Waterfield’s wholesale lending company, Union Federal Bank, was her choice to run USA Wholesale Lending as its president. Hoyt, who has 30 years of mortgage experience, joins USA Wholesale from Fairway Independent Mortgage Corporation, where he served as divisional vice president for wholesale lending.
“Howard’s and my priorities are aligned on what the wholesale market wants and needs,” she says. “We introduced USA Wholesale Lending months ago on a limited basis and now we are formally kicking off its multi-state capabilities. Among the many components of our unique value proposition is our written commitment to service for our brokers, banks and credit unions,” she explains. “When you put it in writing, your corporate pride is on the line, and everyone in the organization dedicates themselves to meeting the promises of the service level agreements.”
USA Wholesale Lending offers a full range of agency and government loan programs, including Fannie Mae DU Refi Plus and Freddie Mac Open Access, as well as high balance products. The company is currently accepting application submissions from mortgage brokers, community banks and credit unions of all sizes.
“As an industry, we’re in a new age for loan quality,” said Howard Hoyt, USA Wholesale’s new president. “We’re focusing on high quality origination companies and are recruiting top quality professionals all across the country to work with them. We’re bringing state of the art technology to the mix in order to ensure fast, efficient transactions to benefit clients and borrowers alike,” he says. “For institutions that want to offer full mortgage services to their customers but do not want to support full staffs to do so, we’re also offering contract loan processing and fulfillment services.”