Total Mortgage Services LLC is getting into mortgage servicing.
The company announced Tuesday its approval as a Fannie Mae residential seller-servicer.
In addition to being able to retain mortgage servicing rights, the Milford, Conn.-based firm said its new status enables it to expand product offerings. Total also can sell and pool loans into mortgage backed securities.
Total Mortgage President John Walsh called Fannie’s approval process “rigorous.”
The company boasts lifetime originations of $6 billion. Total previously reported $0.7 billion in 2009 originations and expected to close $1 billion in 2010.
“This approval will further enhance our pricing advantage, while positioning us to leverage our operational infrastructure to drive our geographic and channel expansion,” Walsh said in today’s statement.
Through spokesman John Lovallo, Total declined to provide a projection for the growth of its servicing portfolio. There is nobody on its servicing staff at this time, and there are no loans in the servicing portfolio.
Total won’t be servicing any investment portfolio loans, but it possibly could enter private-label third-party servicing, Lovallo said.
