Equity Loans LLC announced that it has launched a correspondent lending channel and to support this new division, Equity Loans has made two additions to its executive team, Brian Gillespie as vice president of the Third Party Originator (TPO) Production Channel and Greg Nolte as vice president of the TPO Production Channel.
By expanding into the correspondent business, Equity Loans provides mortgage bankers that have correspondent lines greater flexibility in the interest rates they offer their borrowers, as they are not hindered by the pending qualified mortgage regulations in terms of compensation. As the industry returns to a more purchase-driven market, it is critical that lenders provide borrowers with the best pricing options to remain competitive.
This expansion into the correspondent business follows Equity Loans’ entry into the wholesale market earlier this year, which now includes broker business from across the country. As other wholesalers exit the market due to increasing expenses, growing compliance costs and looming regulations, Equity Loans will continue to support the broker market and provide a higher level of service and attention to detail that the larger players cannot offer, helping brokers navigate the changing market landscape. Furthermore, Equity Loans has established a partnership with a warehouse lender that enables brokers to convert to bankers with only a $250,000 net worth.
To support this expansion, Equity Loans welcomes financial industry veteran Gillespie, who has more than 22 years of industry experience and has spent the last 18 years working specifically in the wholesale and correspondent mortgage industry. Prior to joining Equity Loans, Gillespie served as vice president and Northeast regional sales manager for Freedom Mortgage, where he was responsible for wholesale and mini-correspondent production in the Mid-Atlantic and New England. In this position, Gillespie was also responsible for the recruitment, training and supervision of Freedom Mortgage’s wholesale account executives. Additionally, Gillespie previously served as an account executive for Equicredit Corp. and as a branch manager for Fleet Finance.
Nolte has also joined the Equity Loans team, bringing more than 15 years of mortgage industry experience to support these new channels. Previously, Nolte served as the national retail branch recruiter for MCS Mortgage Bankers where he recruited, trained and maintained talent for a 14-state region, as well as supported the company’s marketing and investor efforts. Nolte’s previous experience also includes marketing and recruiting positions with AmeriFirst Home Mortgage; leading the entire East Coast for Ownit Mortgage Solutions Wholesale; and regional vice president for First Franklin Financial.
“As the new qualified mortgage rules are finalized at the beginning of next year and compliance regulations become increasingly strict, our partnerships are more important than ever,” said Kunjan 'KP' Patel, CEO of Equity Loans. “Our expansion into the correspondent and wholesale channels will not only be crucial to expand Equity Loans’ footprint, but to help our partners grow in a new market environment. We are confident that Brian and Greg’s deep knowledge and expertise of the wholesale and correspondent industry will successfully support our expansion and we are looking forward to having them join the Equity Loans team.”