Company goes independent amid growth
The Mortgage Calculator, which specializes in short-term rental and non-QM loans, is cutting out its parent companies to become an independent correspondent lender.
The Miami-based specialized lender said the move comes after its team grew to more than 200 loan officers over the past quarter. It will also enable The Mortgage Calculator to offer further discounted rates across various loan programs, including conventional, fix and flip, short-term rental financing, commercial property and non-QM loans.
“We put in a lot of work to become a lender,” said Nicholas Hiersche, founder and president of The Mortgage Calculator. “We started as a branch at a bank, to a branch at a brokerage, to a branch at a lender. We are very excited to finally be in total control of our business.”
The correspondent lending channel gained market share in the second quarter thanks to the shift toward purchase mortgages, according to an Inside Mortgage Finance analysis. However, even the top wholesalers weren’t immune to the industry-wide production downturn. Wholesale originations plunged 16.1% to an estimated $94 billion – the lowest quarterly volume in three years.
Read more: Homepoint president takes a long-term view of wholesale lending
Wholesale lender Mountain West Financial last week announced closing its wholesale business. Rivals United Wholesale Mortgage and Homepoint have also faced challenges adjusting to the shrinking housing market. UWM reported a 50% decline in its Q2 loan origination volume, while Homepoint’s quarterly funded origination volume was down to $9.3 billion from $12.5 billion in the previous quarter.
