Written By Candyd Mendoza
The company's broker-focused tools secure a third consecutive NAMB award
The National Association of Mortgage Brokers (NAMB) has named wemlo® its Service Partner of the Year for the third year in a row. wemlo is the only company honored in the mortgage loan processing category in this year’s awards.
Wemlo has gained attention for its ability to streamline loan processing for mortgage brokers. According to company data, wemlo’s processing team averaged just over 21 days to move a loan from submission to closing in 2024, compared to the industry average of 44 days reported by ICE Mortgage Technology as of March 2024. This efficiency has enabled brokers to manage larger pipelines and improve productivity.
In 2023, wemlo added 138 new mortgage brokerages and processed nearly 1,950 loans, a 23% increase in customers and a 43% jump in clear-to-closes compared to the previous year. The company has also expanded its offerings, now supporting a wide range of loan products, including conventional, FHA, VA, USDA, jumbo, and non-QM loans, among others.
To meet growing demand, wemlo has partnered with over 30 wholesale lenders, including Windsor Mortgage and Loan Simple Wholesale, and continues to add more to its roster. Its loan processing platform is currently authorized in 47 states and Washington, DC.
Read more: wemlo streamlines mortgage operations, brokers benefit
Wemlo’s platform is designed to simplify the mortgage process for brokers. It includes a borrower portal and a brokerage dashboard that allows loan originators to track applications, securely upload documents, and communicate efficiently. The company emphasizes speed, security, and ease of use in its approach.
"Whether it's sourcing new lenders to accommodate our brokers' needs, adding new team members for scalability, or updating processes to prepare for things like a potential refinance boom – everything we do is with our customers in mind," Chelsea Balak, wemlo's vice president of operations, said in Press release. "That's why we are honored to once again be recognized for this prestigious industry award."
Read the story on Mortgage Professional America here.