Written By Candyd Mendoza
Third-party loan processor outpaces industry average
wemlo, a third-party mortgage loan processing provider, reported a record year in 2023, adding 138 new mortgage brokerages and processing nearly 1,950 loans.
According to the company’s release, this growth represents a 23% increase in customers and a 43% jump in clear to closes (CTCs) compared to the previous year. Additionally, wemlo’s processing team significantly outpaced the industry standard by taking an average of 20 business days to move a loan from submission to closing compared to the industry average of 49 days.
To meet growing demand, wemlo expanded its offerings in 2023. The company now provides processing support for a range of loan products, including conventional, FHA, jumbo, VA, USDA, non-QM, and more, from over 30 leading wholesale lenders. wemlo has also added five new supported lenders to its roster, including Windsor Mortgage and Loan Simple Wholesale.
“At wemlo, our mission is to provide highly qualified, customer-centric processing talent with easy-to-use technology and access to an extensive list of supported lenders and loan products to meet the unique needs of mortgage brokers and their clients,” said Chelsea Balak, vice president of operations at wemlo. “We strive to offer unparalleled service with industry-leading offerings to help our customers get effective results fast. That’s why we’ve continued to grow our processing support and expand our service offerings to keep up with the evolving needs of the broker channel.”
The company was recently honored as the National Association of Mortgage Brokers (NAMB) Service Partner of the Year in the mortgage loan processing category for the second straight year.
wemlo, which operates in 47 states plus Washington, DC, is currently hiring for multiple positions at its Florida headquarters.
Read the story on Mortgage Professional America here.
