Slain will focus on expanding 360 Mortgage’s footprint in Minnesota, Wisconsin, Illinois, Indiana, Ohio, Missouri, Kansas, Oklahoma, New Mexico and Texas, and is being charged with attracting high-quality mortgage brokers and expanding market share. He will report to Al Crisanty, vice president of national wholesale production.
Most recently, Slain worked for 15 years at M&I Home Lending Solutions, a division of BMO Financial Group, where he was responsible for loan production in 12 states and managed over 30 account executives.
A company spokesman said one of the reasons for the expansion is the demand from mortgage brokers for the NOMI Product (short for no private mortgage insurance) it introduced in April.
The company said this product has no pricing inflations or adjustments to interest rates. To qualify, borrowers must have a 740 credit score with a maximum 95% loan-to-value ratio on an owner/occupied property which they are purchasing (no refinancings).