Internet retail lender Total Mortgage Services, Milford, Conn., said the TMS Funding wholesale division it has formally opened up to select brokers in 17 states plans to slowly and carefully expand to all but a handful of others in this country over a period of more than a year.
"We're not signing up 100 brokers [all at once]," Total Mortgage Services president John Walsh told National Mortgage News, noting that the company wants to maintain its quality-focused slow and steady purchase-focused approach to building the business to produce agency eligible product in line with the standards of investors in the secondary market.
Jim Lynch, executive vice president, wholesale division, told NMN the company ultimately wants this to be available in a total of 44 states after it reaches its goal of adding a total of 35 this year.
He said the unit plans to stress quick turnaround times on loans and paperless processing. As far as the states it ultimately plans to enter, the exceptions are a handful that require a company to have a brick-and-mortar presence to operate there, he said.
Currently TMS funding is doing business in California, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Michigan, New Jersey, New Hampshire, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
