Nonbank Lender NetMore Continues to Expand

NetMore America Inc., Walla Walla, Wash., has expanded its mortgage banking operations to the East Coast, obtaining a license to originate in Maryland. The company said it has begun to purchase loans through its wholesale channel in the state, one of the healthier markets in the U.S. It will later, through its Professional Branch System, establish a retail presence there as well. "NetMore is building a nationwide lending platform in a responsible and strategic manner by focusing on states with high potential for quality business," said company president Mark Freedle. He identified those states as being in the Mid-Atlantic region: Maryland, Pennsylvania, New Jersey, Virginia, and Washington D.C. The company is now licensed in 26 states but previously had concentrated its business in the western part of the nation. In its fiscal year 2009, ending Sept. 30, NetMore originated more than $1 billion in loans. It is projecting originations of up to $1.5 billion for 2010. Its current product mix is 50% agency loans and 50% FHA.