WMC Prez: Tech Boosts Subprime Volume

Technology has increased volume and efficiency in the subprime market, WMC Mortgage Corp. president Amy Brandt told attendees Monday at the Subprime Lending Symposium in San Francisco.WMC, an online wholesale lender based in Woodland Hills, Calif., was recently acquired by General Electric's consumer finance division from Apollo Management LP. Having a quick, front-end service combined with a customer service campaign was crucial in making WMC's volume rise in recent years, said Ms. Brandt, who was a keynote speaker at the symposium. "Your business has to evolve. .... All of your systems need to work together before funding the loan," she said. "Integrate technology, but with a human process." For example, Ms. Brandt suggested taking five minutes to call a broker to let him know his loan application has been received.