Evergreen Moneysource enters wholesale with BrokerBrand TPO

Evergreen Moneysource Mortgage is the latest mortgage lender to enter the wholesale channel, with the launch of BrokerBrand TPO.

Heading up the business for the Bellevue, Washington-based lender is Bob Marseilles, senior vice president of third party originations.

Marseilles has a wealth of experience in the wholesale business, according to his LinkedIn profile.

Most recently he was vice president, third party originations at First Tech Federal Credit Union. Prior to this, Marseilles also worked at Spring EQ, PHH Mortgage, Genworth and IndyMac.

"As we looked at today's third-party origination market, we saw an opportunity to build something different — one where brokers never have to wonder whether their lending partner will compete for the relationships they've worked so hard to earn," Donald Burton, CEO of Evergreen Moneysource Mortgage, said in a press release. 

"BrokerBrand TPO is our commitment to putting brokers first, backed by the same trust and values that have guided Evergreen for four decades," he added.

The product menu will include conventional, jumbo, government and specialized mortgage offerings. 

New entrants into wholesale this year

The broker/wholesale business has been hopping as of late. United Wholesale Mortgage remains the dominant player in the channel, with $39.7 billion of production in the second quarter, down 1% year-over-year. The company posted a GAAP net loss for the period of $452 million, while announcing a capital infusion from Oaktree Capital Management and a fund controlled by the Ishbia family.

Meanwhile, the interim CEO of Better Home & Finance, Daniel Lewis, said on that company's recent earnings call, that it plans to adopt an enterprise strategy that could see it move into wholesale. Right now, Lewis and the board of directors are embroiled in a dispute with former CEO and founder Vishal Garg for control.

In May, GO Mortgage publicized its entry into wholesale lending, calling the current model broken.

"We didn't have the burden of legacy, process, technology and people," Jay Promisco, the CEO of GO Mortgage, said in an interview at the time. "We were able to just sit and go, what should it look like? Not how it's always been."

Back in March, loanDepot, whose founder Anthony Hsieh had come back to the company 12 months' prior, announced it was restarting its wholesale business. This reversed an August 2022 decision by then-CEO Frank Martell to shutter the unit following a $224 million loss in that year's second quarter.

As part of its parent company Panorama Mortgage Group's rebrand, its wholesale unit Travisa Financial is now, like the rest of the company, known as SimplyPMG.

Meanwhile, the owner of mortgage broker NEXA Lending, Mike Kortas, started evoLend. It is a separate mortgage servicing company which includes the NEXA loan officers as employees.