Wholesale lender The Loan Store launched a consumer rewards program designed to help mortgage brokers offer competitive mortgage rates.
Buyers can save up to 40 basis points on any agency, government or non-qualified mortgage (non-QM) first-lien loans when working with a wholesale loan origination partner approved by The Loan Store, the Arizona-headquartered lender said.
Consumers will also have access to the consumer rewards program through non-delegated correspondents in the wholesale channel.
“Our singular focus at The Loan Store is to equip our partners with tools and products that enable them to cast a wider net and support more homebuyers in their respective communities,” Phil Shoemaker, CEO of The Loan Store, said.
Mortgage brokers using the new consumer rewards program can provide enhanced credit options for selected interest rates, reduce or eliminate administrative fees on a loan and offset costs associated with lock extensions and appraisals, according to the lender.
Founded in 2019, The Loan Store offers mortgage products including conventional, jumbo, VA and non-QM loans. The lender’s newly launched products include a home equity line of credit (HELOC) in 25 states and Washington, D.C.
In April, the lender bought the wholesale lending business from the now-defunct Home Point Capital.
About 100 employees from Homepoint — including operations personnel and account executives — joined the wholesale lender, which produced about $302 million in volume, according to the company.
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