A growing wholesaler is entering the East Coast market through Maryland. The wholesale expansion will be followed by an expansion at its net branch unit.
NetMore America Inc. reported today that it has received mortgage lender licenses from Maryland’s the Office of the Commissioner of Financial Regulation. The lender said it operates in a total of 26 states.
The Walla Walla, Wash.-based company plans to use Maryland as a stepping stone to the East Coast.
The wholesale channel accounts for around 60 percent of NetMore’s total production — which exceeded $1 billion for the 12 months ended Sept. 30 — President and Chief Executive Officer Mark Freedle told MortgageDaily.com in October.
The other 40 percent was being originated by its 18 retail branches, Freedle said.
The second phase of the East Coast expansion will be to build the branch system.
“NetMore is building a nationwide lending platform in a responsible and strategic manner by focusing on states with high potential for quality business,” Freedle said in today’s statement. “Today we believe those markets are based on the East Coast in the Mid-Atlantic region, which includes areas such as Maryland, Virginia and Washington DC, as well as in states such as Florida, Pennsylvania and New Jersey.”
