National mortgage banker GMH Mortgage Services in Conshohocken, Pa., is opening a wholesale lending division.
To create the new GMH Wholesale division, the lender established a Web-based broker portal and fully integrated loan origination system for broker partners. With the technology, brokers can access daily pricing, loan product options and exchange data, as well as submit documents, track loans and receive up-to-the-minute reporting.
Penny Smith, previously the lender's senior vice president of operations, will lead the new division as GMH's senior vice president of wholesale lending.
"We spent a significant amount of time developing our processes, testing our technology systems and working with a small group of test pilot brokers," Smith said in a press release.
GMH Mortgage is currently licensed in more than 25 states and is seeking licenses in an additional 15 states.
"We are already finding a great deal of success in giving our broker partners a new option in the wholesale market and we're looking forward to growing our footprint nationwide in the months to come," Smith said.