WMC Loaned Almost $1 Billion in 2nd Quarter
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WMC Mortgage Corp., one of the nation’s largest subprime lenders, recently reported total loan originations of nearly $1 billion in the second quarter of 1998.
For the three months that ended June 30, the Woodland Hills-based company recorded $920 million in wholesale originations on a total of 9,910 loans. Retail originations in the same period tallied about $74 million from 699 loans.
At the end of the second quarter, WMC’s pipeline of loans in progress totaled $1.9 billion, including $1.74 billion in wholesale volume and an additional $185 million in retail loans.
WMC has opened 33 new retail locations since dropping its prime lending businesses earlier this year to focus on the subprime market--the fastest-growing segment of the lending industry.
Subprime lenders make home-equity, Small Business Administration and student loans to consumers with spotty credit records who might not qualify for loans from commercial banks.
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