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TPO GO exits wholesale channel, aligns with Stockton Mortgage
['Sarah Wolak', 'Flávia Furlan Nunes', 'John Mcmanus', 'Housingwire Automation', 'Logan Mohtashami']
HousingWire
Residential mortgage lender TPO GO is exiting the wholesale business nationally under a strategic alliance with Stockton Mortgage that will transfer most of the company’s wholesale sales and operations staff to Stockton.
The news was first reported on last week by Rob Chrisman and later confirmed to HousingWire by a spokesperson for Stockton Mortgage.
Rather, their “strategic alliance” involves working together “from a resources, recruiting,and information technology standpoint, to facilitate a transition of TPO GO wholesale division staff, information and technological resources from TPO Go to Stockton Mortgage,” the spokesperson said.
The deal added 25 branches to CMG’s Northeast footprint, while Norcom’s wholesale business remained independent under the TPO Go name.
TPO GO plans to exit the wholesale channel nationally, although it may maintain limited wholesale operations in certain defined markets.