This marks the first time in the company's history that it has crossed the $400 million threshold, according to Amy Brandt, an executive vice president with the company. In March 2001, the company closed its retail branches and traditional operations to become an exclusively Internet-based lender. In comparison, the company's loan funding volume was $130 million in August 2001 and $24 million in August 2000.
WMC Mortgage Corp. originates loans for mortgage brokers through its web site, where brokers submit loan applications and receive approvals. The company, which launched the online site in June 1999, is a subsidiary of WMC Finance Co., which is principally owned by affiliates of Apollo Management LP, a private investment firm. WMC says online loan submissions have totaled $19 billion since it launched the web-based lending operation.
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