Greenlight Gives Green Light to Wholesale


A mortgage lender looking to take advantage of the displacement in the marketplace is Greenlight Financial Services, Irvine, Calif. The company is celebrating its 10th year in business by hiring 400 people and expanding its business profile.

Besides the hiring announcement, the most recent news from the company is that it is starting a wholesale production channel, which will begin originating loans in the first quarter of next year.

Executive vice presidents Mary Glass-Schannault and Gretchen Verdugo will oversee the operation. Both have experience in the secondary marketing side of the business, each having done more than $50 billion in mortgage securitization and whole loan transactions.

Bela M. Donine is the national sales manager for the wholesale unit.

The mortgage crisis was caused by many factors, and there are still many good mortgage brokers out there, Glass-Schannault said.

The mortgage broker community will begin to grow again over a period of time as more lenders turn to the channel and there are products for brokers to start originating again.

Greenlight will have the checks and balances in place to make sure it is purchasing quality loans, she said.

The company is licensed in 20 states overall, but will not have a wholesale presence in all of them. Glass-Schannault said there are about 10 states picked out, where the company is comfortable and where the economy is a little bit stronger.

Initially it will do conforming loans, and possibly later offering a product to replace the so-called conforming jumbo loan.

She has over 33 years of experience in the mortgage business, and besides her experience on the securitization side, she has a background in operations and originations in the wholesale and conduit channels.

Loan performance from this channel is all about having the right processes in place, Glass-Schannault said.

Greenlight started in business in 2001 as a retail mortgage originator, and most recently the company added a reverse mortgage division. Plus it also expanded its government lending business.

As a result of the growth plans, it is looking to hire 400 people to work at its headquarters, including back office personnel like processors, underwriters and funders, as well as sales staff including retail loan officers and wholesale account executives.

Greenlight currently does not service loans, but sells its production servicing-released.

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