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Most mortgage company heads would resist the idea of competing with the country’s big wholesale lenders, like UWM and Rocket.
Mike Berte the president of AmeriSave Mortgage Corporation, is happy to take the dive head-on.
The Atlanta-based online mortgage lender launched its wholesale mortgage division in June, it is giving the impression that they are more than capable of holding its position.
Berte said that they don’t need the entire market, but are gaining market share. Compared to 2020, AmeriSave has financed a mix of close to 80,000 refinance and purchase loans, with an 86% increase in refinance transactions, and a phenomenal increase of 780% in purchase transactions year-over-year.
Between January and June, the company funded a record $23 billion in volume, compared to $6.7 billion in volume during the same time in 2020.
AmeriSave reported an increase of financing 238% of refinancing borrowers and an increase of 906% in purchase borrowers financed, they have funded more customer purchase transitions in the second quarter of this year than the entire period of last year.
Amerisave’s president of wholesale lending, Michael Brenning, announced that the company’s goal was to become one of the top two wholesale lenders nationally.
Berte agrees that the margins are very slim, and the two giant companies have been battling about pricing in technology for quite some time now.
Berte has blind faith in technology, which according to him is a very important component for a company’s growth.
He is very sure that AmeriSave has the best technology in the industry. Which will support the lowest cost structure and yet deliver the promises made to their mortgage brokers.
AmeriSave processes their deliverables in seven days, and get loan documents from their brokers in almost seven hours, and claim to underwrite loans within seven hours.
Two of AmeriSave’s star products are Lock and Shop and the certified approval letter – are core examples of how it had used technology to drive business.
Reference Source: MPA
