Total Mortgage Services, Milford, Conn., said it will “temporarily” moderate its wholesale lending channel after getting hit with a “significant increase” in business in the wake of other firms exiting the business.
The decision, provided in a statement to National Mortgage News, comes several weeks after the company’s national wholesale sales manager, Domenic Melillo, parted ways with the firm.
TMS founder and president John Walsh said, “With various large lenders exiting the wholesale channel, we were experiencing a significant increase in our new business pipeline.” He added that, “In order to maintain our commitment to the highest level of service, we made a strategic decision to temporarily moderate volume until we increased our operational infrastructure to match origination flow and to assess the quality of file submissions.”
The firm typically does not disclose its origination volumes or provide any breakdown on how much of its production is wholesale versus retail. Until about two years ago the privately held nonbank was a retail-only lender then branched out into wholesale.
“Our long term plans are to continue to increase our wholesale footprint,” said Walsh. “However, our focus is to only partner with mortgage brokers capable of delivering quality loans and who make TMS Funding their primary funding source.”
