MOUNTLAKE TERRACE, Wash. – August 23, 2006 – The nation’s recognized tech leader in wholesale lending has finalized operations requirements in six new states allowing it to open for business by September. South Carolina, North Carolina, West Virginia, Virginia, New Mexico and Georgia are on-deck for simultaneous launch bringing MILA’s total number of operating states to 33.
This is the second expansion the wholesale lender has launched after entering Florida in May and keeps MILA on track to meet its goal of reaching all of the lower 48 states by early 2007.
Since moving its loan originations exclusively online through its proprietary decisioning and loan management system, AccessPoint, in 2001 the Mountlake Terrace lender has had its sights set on national expansion. With the housing market slowing after several years of unprecedented growth, moving into new states gives MILA an opportunity for continued prosperity adding valuable market share.
In addition to state expansion, MILA also has added Alt-A products to its mix this year which now accounts for 45 percent of all of its loans. And coinciding with the state expansion, MILA will be introducing its first Prime products making the lender the only one in the nation capable of offering all manner of loans through a single decisioning engine.
“We’re on the cusp on an exciting era in the mortgage industry,” explained Layne Sapp, founder and CEO of MILA. “The recent boom has allowed for a lot of growth and investment in technology that will ultimately transform the home buying process for brokers and their borrowers. We are closer than ever to a truly paperless loan and MILA aims to be the first to offer it throughout the continental U.S.”
MILA’s robust decisioning also enables it to offer some of the most in-demand loan products on the market, including a variety of Pay Option Arms. The lender has been recognized by industry and business leaders, most recently being named by National Mortgage News as one of the Top 20 Mortgage Companies to watch in 2006.
“Unlike many lenders,” explained Eric Johnson, owner of Easy Street Mortgage in Seattle, “MILA guarantees their loan commitments up front. Plus,” he added,” you can submit your loan directly with their online representatives without the help of a sales rep because their process is so intuitive and robust.”
Since the introduction of AccessPoint, MILA has grown more than 800 percent and with continued product innovation and state expansion the lender envisions sustained growth even as the industry faces declining loan originations.
“MILA really is unlike any other lender,” Johnson added, “I use them almost exclusively.”
About MILA, Inc.
MILA, Inc. is one of the fastest-growing e-commerce mortgage solution providers in the nation currently serving the wholesale residential market in 33 states with a broad range of mortgage lending products. Financial strength, management stability, and proprietary, cutting-edge technology give MILA the ability to meet the challenges of the ever-changing mortgage lending market and to anticipate market trends. For more information visit www.mila.com. |
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