USA Wholesale Lending was designed to complement the retail efforts of Hallmark Home Mortgage, which was founded in 2006 by CEO Deborah Sturges. Sturges had been an executive at Waterfield Mortgage and when the company was sold that year she formed Hallmark Home Mortgage to capitalize on her former employer’s exit.
Howard Hoyt, whom she describes as a “founding father” of Waterfield’s wholesale lending channel, has been appointed president of the new unit. He joins USA Wholesale Lending from Fairway Independent Mortgage Corp., where he served as divisional vice president for wholesale lending.
“The goal of the channel will be controlled, sustainable growth over the next 36 months. We are expanding our geographic coverage to 32 states and are building a national team of about 30 account executives and regional account managers. The objective is to generate closed loan production of a billion dollars annually,” Hoyt notes. “The way we’ll get there is by helping our clients to compete, to maximize revenues and to capitalize on opportunities in their markets.”
USA Wholesale’s operations are centralized in Fort Wayne, but “we are leveraging talent from many places via technology for the benefit of our clients,” Sturges added.
“Core functions like information technology, operations and accounting are here in our headquarters, but underwriting talent is available everywhere and we intend to tap those resources for their local market knowledge.”