Verus Mortgage Capital Moves Correspondent Operation to New Office Space

Apr 15, 2018

First Merchants Corp., the Muncie, Ind.-based holding company for First Merchants Bank, has reached a settlement agreement with the U.S. Department of Justice (DOJ)

Verus Mortgage Capital (VMC) has announced that it has moved its Minneapolis operations group. VMC’s new space is approximately four times larger than its previous location with the opportunity to expand its square footage in the future.

The move was a direct result of the growth VMC has experienced since its inception in 2015, doubling in volume every six to nine months. Within the first quarter of 2018 alone, it purchased approximately $400 million in non-agency mortgage loans. VMC doubled its workforce in the last year as it continues to build out its operations.

While the firm’s headquarters is located in Washington, D.C., it continues to base its operations group in Minneapolis to take advantage of the city’s experienced mortgage talent.

“Rapid growth in the non-QM business has forced us to move to a new location that could accommodate our future expansion,” said Dane Smith, President of VMC. “Our goal is to remain the premier correspondent investor for expanded non-agency and investor loans by providing originators with the most comprehensive suite of products and exceptional customer service.”

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Apr 15, 2018

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