Wholesale Lending Online Hits $1 Billion in Funding; Portfolio Lending Attests to WLOConnect's Ability to Fund Loans Quickly and Cost Effectively.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Despite industry reports of slower mortgage volume and employee layoffs, Wholesale Lending Online (WLOConnect), a provider of mortgage lending solutions, announced since inception in late 2002, the company has funded in excess of $1 billion. WLOConnect develops solutions for alternative documentation loans, specializing in the Alt-A An Alt-A mortgage is a type of U.S. mortgage that, for various reasons, is considered riskier than "prime" and less risky than "subprime," the riskiest category. Alt-A interest rates, which are determined by credit risk, therefore tend to be between that of prime and subprime home product. "Working with WLOConnect definitely allows us to close loans faster - something that is crucial to the mortgage business," Vincent Joutain, loan processor, Portfolio Lending, said. "WLOConnect provides all the essentials - good pricing, easy Web access, fast turn times and great sales reps. My relationship with my account executive at WLOConnect is exceptional. He does help me structure the loans, and working together, we get deals done." In 2005, the company hired several top producers, including Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Fisherman who consistently averages $20 million a month in loan volume. WLOConnect also formed a strategic alliance with Shearson Home loans, one of the fastest growing mortgage brokerage firms across the U.S. Additionally, as part of the company's ongoing focus on technology initiatives to create efficiencies, it also unveiled a new product and pricing eligibility engine, which allows brokers to enter loan scenarios and get options back in minutes. "Our business model is built on a low cost product, fast underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , efficient technology and superior customer service," Bill Lopez Lo·pez , Nancy Born 1957. American golfer who in 1987 achieved her 35th career victory and was inducted into the Ladies Professional Golf Association Hall of Fame. , director of mortgage banking for WLOConnect, said. "Under this model, WLOConnect had parameters in place to allow for significant growth from inception. In 2006, we will continue to harness technology and increase our sales force." As a direct lender, WLOConnect performs all of the underwriting, document preparation, funding and closing processes in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. . As such, it allows WLOConnect to close loans in a significantly shorter period of time, often within a 24-48 hour time frame. Since the formation of WLO WLO WildList Organization WLO Women Leaders Online WLO Wholesale Lending Online WLO Washington Liaison Office WLO Waterloo Railway WLO Waiting List Only (cruise line pricing list) WLO Weapon Liaison Officer , the organization has completed a transaction volume in excess of $1 billion. About Wholesale Lending Online Headquartered in Burlingame Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , Calif., Wholesale Lending Online (WLOConnect), a division of Preferred Financial Group, is a leading wholesale lender, offering brokers expertise on Alt-A volume and niche loan requirements. Leveraging the 14 years of experience of its parent company, WLOConnect provides a convenient lending process, which is done in-house using customized technology. For more information, call 650-616-1301 or visit the Web site www.wloconnect.com. |
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