X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODLAND HILLS, CA-WMC Mortgage Corp., an Internet-based business-to-business non-prime lender, says it set a company record in August with $405 million in loans funded.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.