Posted on 08/07/2018 6:03:06 PM PDT by 2ndDivisionVet
LoanStream Mortgage, a California-based mortgage lender that specializes in wholesale lending through mortgage brokers and consumer direct lending through a series of branches, is planning a serious nationwide expansion.
The company announced Tuesday that it is plotting a 30-state expansion and plans to hire a boatload of mortgage professionals to lead that growth.
The company offers conventional loans, Federal Housing Administration loans, as well as a growing set of mortgages outside the Qualified Mortgage box, including loans up to $10 million and loans to borrowers without permanent residency.
The company’s “NanQ” lending program offers stated income, verified asset loans for high net worth borrowers; loans for self-employed borrowers; loans for borrowers with a recent credit event like a foreclosure; loans to borrowers with higher than traditional debt-to-income ratios; and more.
And now, the company wants to expand its non-QM programs across the country.
“Business is booming. Not every company can say that. After several years of planning and controlled growth, we are taking the gloves off!,” LoanStream President Lina Colon said. “With rising rates making non-prime more attractive than ever, growth has accelerated recently.”
Colon also said that the company is planning to launch a non-delegated correspondent channel. “We look forward to bringing our product innovation to mortgage bankers,” Colon added.
The company is looking for experienced sales managers, account executives, and branch managers to lead the expansion.
“We are laser focused on the growth of our third-party origination channel and our retail branch network, especially as it relates to growth of the non-prime product,” LoanStream Chief Operating Officer Serene Vernon said. “We are taking every opportunity to brand local Retail Branches cross county and hire AE's as quickly as possible.”
According to the company, Greg Armstrong, executive vice president of TPO production, is on a “hiring streak,” and can’t hire new account executives quickly enough.
“We are hiring qualified AE’s in 30+ states. We are seeing our biggest non-prime origination weeks, ever,” Armstrong said. “We can’t hire AE’s fast enough to cover the inquiries on our products.”
Pay more and get all the help ya need.
And how about hiring part time people? Why not hire some of the thousands of very qualified Americans with decades of accounting experience who've retired and are now looking for part time work?
I think I have seen this movie before, about 10 years ago maybe?
There’s always going to be some type of loan for people to buy a house. They’re too expensive for most people to plunk down cash.
You’re one of the few with keen recall.
It’s going to be an even more spectacular crash this time ‘round making 2008 mortgage lending standards seem conservative by comparison;n)
Breathless statement from article sez it all:
“as well as a growing set of mortgages outside the Qualified Mortgage box, including loans up to $10 million and *loans to borrowers without permanent residency.*
The company’s “NanQ” lending program offers stated income, verified asset loans for high net worth borrowers; loans for self-employed borrowers; *loans for borrowers with a recent credit event like a foreclosure; loans to borrowers with higher than traditional debt-to-income ratios; and more.*
And now, the company wants to expand its non-QM programs across the country.”
If your home goes up in value 50% in the next five years, sell it and stay on the sidelines. (rent a van down by the river). You’ll thank me later.
You could pay me $1000 an hour, and I STILL am NOT QUALIFIED.
I’d guess you’re qualified for very little. Try reading the entire post next time before commenting.
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