A wholesale lender that operates from Michigan saw quarterly loan production jump more than 58 percent. The company hopes to push lending even higher with new technology developed for its mortgage brokers.
Third-quarter originations at United Wholesale Mortgage were $0.667 billion, according to data provided to Mortgage Daily.
Production increased from $0.421 billion closed in the second quarter.
In the third-quarter 2010, the Birmingham, Mich.-based company originated $0.592 billion.
During the first nine months of this year, volume amounted to $1.394 billion.
Business is generated from approximately 3,000 approved mortgage brokers in 47 states.
Of the 475 employees on staff at United Wholesale, 375 work in wholesale lending, and 100 are retail lending employees.
In an announcement Tuesday, United said that it implemented a proprietary decisioning system that was developed in house.
The new technology enables brokers to instantly price up to 10 programs at once. It also includes pipeline management tools, a rate-lock feature and the ability to order case numbers for loans that will be insured by the Federal Housing Administration.
United Wholesale President Mat Ishbia explained in the statement that brokers who use the new service, dubbed Easy Qualifier, “are able to confidently say ‘yes’ to borrowers at the point of first contact and close the loan.”
