Wesley Mortgage will be led by Ed Wallace, who has 43 years of experience in mortgage banking. He will serve as president of the new venture. Wesley Mortgage will focus on maximizing technology to create a streamlined approach to mortgage lending, according to a press release.
“We’ve built a brand under the Wesley umbrella that is synonymous with helping consumers and Wesley Mortgage is a natural extension,” said McDowell. “All of our companies are built around efficient processes that help consumers reach their end goal of financial and personal security.”
Wesley Mortgage will launch through direct-to-consumer organizations offering conventional, non-QM and Jumbo loan products, and is expected to obtain its VA and FHA Title II in the very near future. The company is initially licensed in Tennessee and is currently submitting licenses in Kentucky, Alabama, Georgia, Florida, South Carolina, North Carolina, Virginia and Texas, with plans to be in all 50 states within 18 to 24 months.
“One of the biggest frustrations for consumers in getting a mortgage loan to purchase or refinance a home is that the process can be so complicated,” said Wallace. “We saw a need to make the mortgage process more streamlined, as well as providing feedback and approvals quicker. To that end, we’ve rearranged the traditional process so that underwriting is at the front of the process instead of the backend.”
The company will utilize configurable technologies to capture employment, deposit and other verifications necessary in the mortgage approval process, allowing for faster approval turn times than traditional lenders.
“In addition, our customers will have one point-of-contact to walk them through every step instead of the usual hand-offs from originator, to processor, to underwriter to closer. This allows for much better communication for everyone involved,” he added.
“We have a team in place that has proven experience in generating qualified leads,” said Wallace.
He believes that the company will be able to launch and gain market penetration at a much faster pace than a stand-alone company.
Wallace is joined on the management team by other experienced mortgage lenders including Dustin Wells, chief operating officer; Valorie Kacherian, CRCM, chief compliance officer; Jinanne West, chief financial officer; Michelle Jones, controller; Stephanie Mcinturff, senior vice president – operations manager and Ryan Zonana, vice president of Secondary Markets and Investor Reporting.
“Ed and his team bring over 150 years of combined experience to the table,” said McDowell. “We have spent over a year assembling this group and putting technology in place to quickly ramp up and become a national player in the mortgage market.”
Wesley Mortgage also announced that it will be the exclusive mortgage partner of the Tennessee Titans. This partnership will allow the company to engage with and provide support back into the community from which it is founded.
