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Mortgage Network expands national wholesale operations

National Mortgage Professional
Mar 24, 2014

Mortgage Network expands national wholesale operations MortgagePress.comMortgage Network, MNET Mortgage Corporation, Thomas Palmer

Mortgage Network Inc., also known as MNET Mortgage Corporation, has unveiled expansion plans for its wholesale operations in North Carolina, South Carolina, Tennessee, Georgia and Alabama. The company also announced the addition of Thomas Palmer as national wholesale manager hired to lead the company's next phase of growth.

A well known figure in the industry, Palmer brings over 25 years of experience to Mortgage Network.

Thom was one of the original executive staff of RBMG, having grown the company from start up to the nation's seventh largest wholesale lender in just six years. Thom has also been at the helm of some of the largest national companies, most recently as senior vice president and channel executive for correspondent lending at Bank of America Securities. Prior to that, he was senior vice president, channel director correspondent national sales at Washington Mutual/Fleet Mortgage. He was one of only three Fleet executives retained in WAMU's acquisition of Fleet. While at WAMU, he increased volume from $68 billion to $150 billion in 2003 and he was rated as number one channel producer accounting for 43 percent of WAMU's total volume. He was also ranked as the number two national correspondent lender. Prior to WAMU, he was a senior vice president at Fleet Mortgage and has held numerous other positions with other lenders.

In the past twelve months, Mortgage Network has opened eight new offices; increased its staff by over 33 percent and continues to hire across all offices coast to coast. It recently announced record loan volume for Q1 2008, up 93 percent over the first quarter of 2007. The company topped $2 billion in loans, the second highest quarter in the company's history and the highest production since the refinance boom of 2003.

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Mar 24, 2014