Just seven months after launching a new wholesale division in the Northeast, a Connecticut lender is now operating in 17 states.
In September 2009, Total Mortgage Services announced that its new wholesale lending division, dubbed TMS Funding, would accept its first broker-originated package on Dec. 1, 2009. The initial plan was to service mortgage brokers in the Northeast.
Today, the Milford, Conn.-based wholesaler said that is has formally launched the wholesale business in 17 states. Among states where TMS now operates are California, Florida and Texas.
By the end of this year, TMS plans to be originating in 35 states from a central location.
The company claims it has “some of the lowest mortgage rates available.”
“Many lenders have exited the wholesale business, and the remaining participants seem to have lost touch with the needs of the broker community,” Total President John Walsh said in today’s statement. “Through our centralized model, TMS Funding will enhance efficiencies and provide best-in-class service at very competitive rates.”
