Westmark Group Holdings Inc. announced that it had entered into an alliance with Homesense Financial Corp.
Westmark, mainly a wholesale lender, funds about $37 million a month in nonconforming loans. Homesense, based in Lexington, S.C., is mostly a retail lender; it produces more than $35 million a month of subprime mortgages.
Under their agreement, announced Monday, Homesense is to deliver its entire monthly production to Westmark, which would purchase the loans and deliver them to the secondary market along with its own portfolio.
Westmark said that this will double its monthly loan sales, to more than $72 million, and that the two companies will probably grow to more than $850 million in loans soon.