Union Bank of San Diego, which derives 60% of its originations from wholesale production, is looking to increase its broker network next year, according to a top official at the company. Craig Cole, senior vice president and division manager for Union, said the lender currently has 80 approved brokers that it uses. "We may increase that to more than 100 next year," he said in an interview with National Mortgage News. In the third quarter, Union Bank ranked 14th nationwide among wholesalers, according to figures compiled by the Quarterly Data Report. Mr. Cole said his institution has had no problems with the quality of its broker-sourced loans, saying "they're as clean as a whistle." Union is a top ranked jumbo lender as well.
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