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The Loan Store rebrands as Averra Financial effective Oct. 1
The wholesale lender reported its non-QM mortgage volume was up 68% year to date through August, and it said broker terms and loans in process will remain unchanged.
HousingWire reports that wholesale mortgage lender The Loan Store will operate under a new name, Averra Financial, starting Oct. 1 as it expands into a national lending platform.
The company said its nonqualified mortgage, or non-QM, volume rose 68% year to date through August, and it plans to keep broker terms and loans in process closing as scheduled.
HousingWire also notes that Averra Financial previously acquired the wholesale business of Homepoint in 2023, and it said the lender has grown into one of the four largest wholesale lenders in the U.S., building a large non-QM platform across lending channels.
In a statement, the companys CEO Phil Shoemaker said the new name reflects its growth into a national platform and its focus on speed and product depth for broker partners.