WASHINGTON Total Mortgage Services LLC said Tuesday that it has hired industry veteran Andy Pettola to head up its re-branded wholesale lending business.
"During his career, Andy has consistently exceeded both sales and profitability benchmarks while providing a best-in-class service experience to the mortgage broker community. We are extremely pleased to have him join our leadership team," said John Walsh, the president of Total Mortgage Services.
Pettola was divisional vice president at Bloomington, Ill.-based Mortgage Services III, which exited the wholesale lending business in late January.
Pettola also came to TMS with nine account executives.
"His team at MSI funded an average of $1 billion (in loans) a year by supporting over 400 clients," according to Total Mortgage Services.
Based in Milford, Conn., Total Mortgage Services created its wholesale subsidiary TMS Funding in 2010. Since then, many lenders have exited the business due to tighter underwriting and regulatory requirements.
But Walsh recently re-branded the channel and named it Total Mortgage Wholesale to increase its visibility in the market. He is also hiring more wholesale account executives.
"Bringing our wholesale division under the Total Mortgage umbrella will not only support the firm's vision of becoming the most trusted mortgage lender across all origination channels, but will help deliver the right mortgage solution to more borrowers and create a positive business outcome for mortgage brokers," Walsh said.
Total Mortgage Services is licensed in 31 states.