Total Mortgage Services, a fast growing nonbank lender based in New England, has received final investor approval from Fannie Mae to service the GSE's loans, a move that sets the stage for the firm to hold MSRs.
A spokesman for the company told National Mortgage News that TMS is definitely considering becoming a servicer, but for the time being will continue to sell its newly originated loans 'servicing released' in the secondary market.
Moreover, if it does decide to retain servicing rights, it may initially use a subservicer, the spokesman advised.
"We are extremely pleased to be an approved seller/servicer with Fannie Mae after going through their rigorous approval process,” commented John Walsh, President of Total Mortgage. "Total Mortgage is committed to delivering the perfect mortgage, not only to our investors, but also to borrowers and this approval will further enhance our pricing advantage, while positioning us to leverage our operational infrastructure to drive our geographic and channel expansion.”
The firm usually not disclose its loan production numbers. According to an estimate made by the Quarterly Data Report, TMS is funding roughly $250 million a quarter in new loans.
A few months back the company announced plans to hire 50 new loan officers as part of a retail-based expansion. TMS is based in Milford.
