Equity Loans Adds Wholesale Operation

Equity Loans, Atlanta, has formally announced its entry into the wholesale origination sector, which includes the hiring of Kingsley Kodan as senior vice president of sales to support the channel’s growth.

During an interview at the Mortgage Bankers Association’s National Secondary Market Conference in New York, company president Eddy Perez said Equity Loans was recently approved as a Fannie Mae seller/servicer and is waiting on approvals from other secondary market agencies.

As part of the growth and diversification strategy it put in place the technology to add a wholesale production channel which will also help to build the servicing portfolio, he said. It is also considering becoming a correspondent as well.

The goal is to be diversified enough to be covered if something happens, but not too diversified where things are spread too wide, Perez continued.

Equity Loans will establish a dedicated wholesale team to eliminate internal bandwidth issues.

Prior to joining Equity Loans, Kodan was the director of branch development for National Fidelity Mortgage Inc. Kodan also previously held business development and sales positions with Franklin American Mortgage Co., First Residential Mortgage Services Corp. and Carteret Mortgage Corp.