Key Takeaways:
– Patton Gade, a top VA mortgage loan officer, has joined brokerage firm UMortgage.
– Gade, a graduate of the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage.
– Gade has worked for several mortgage companies before joining UMortgage, including loanDepot, where he spent about two years as a branch manager.
– Gade cited UMortgage’s entrepreneurial spirit and the opportunity to build something from the ground up as reasons for joining the company.
– Gade mentioned that the broker channel offers savings passed on to the buyer due to fewer layers of management and oversight.
– Gade will have the opportunity to access VA construction loans at UMortgage.
– Gade originated $165.4 million in mortgages in 2022, with a total of $135.7 million in VA loans, making him the top VA loan officer in the country.
– UMortgage reached $1.23 billion in mortgage production this year, with VA loans representing only 17.6% of the total.
– UMortgage has 324 active loan officers and 40 branches, working with 20 lenders and taking an average of 14 calendar days to close a loan.
HousingWire:
Patton Gade, the top U.S. Department of Veterans Affairs (VA) mortgage loan officer last year, has joined brokerage firm UMortgage, the company announced on Tuesday.
Arizona-based Gade, a graduate of the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage. He’ll join forces with fellow veteran loan originator Jay Bunte in the brokerage firm.
Gade, 50, was in the Army for 8.5 years and did some other sales jobs before joining the mortgage space about a decade ago. He worked for several mortgage companies, including Bridgeview Bank Group, Mutual of Omaha Mortgage, Inc. and Paramount Bank. His latest position was as a branch manager at loanDepot, where he spent about two years.
“Joining UMortgage is going to be a great thing for me because they are entrepreneurial; I have an opportunity to build something from the ground up,” Gade said in an interview. “loanDepot is massive; it’s like a cruise ship changing direction, difficult to do. But with a speed boat, you can change direction quickly.”
A spokesperson for loanDepot wrote to HousingWire that the company has a tradition of attracting and developing ‘top-notch talent.’
“We thank Patton for his many contributions to loanDepot and wish him the best in his next chapter,” the spokesperson said.
Regarding his transition from the retail to the wholesale channel, Gade said the broker channel doesn’t have “different layers of management and oversight between the originator and the company,” which results in savings passed on to the buyer.
In terms of products, Gade said he will have the opportunity to access VA construction loans at UMortgage. Gade cannot recruit anybody employed by loanDepot, so he’s transitioning to UMortgage alone.
Gade originated $165.4 million in mortgages in 2022, with a total of $135.7 million in VA loans, enough to become the top VA loan officer in the country, according to the Scotsman Guide.
Mortgage tech platform Modex, however, shows that Gade originated $117 million this year, consisting of $90.3 million in VA loans (77% of the total). Most of his loans this year, precisely 89%, were purchases.
UMortgage, a broker shop and non-delegated correspondent lender, reached $1.23 billion in mortgage production this year, but VA loans represented only 17.6% of the total, according to Modex.
UMortgage has 324 active loan officers and 40 branches, per NMLS. The brokerage firm claims it gains 65 basis points from each loan, works with 20 lenders and takes 14 calendar days on average to close a loan.
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Property Chomp’s Take:
Hey there! Today, we’re going to talk about a person named Patton Gade and his recent move to UMortgage. Gade, who was the top U.S. Department of Veterans Affairs (VA) mortgage loan officer last year, has joined brokerage firm UMortgage. This is exciting news for both Gade and UMortgage.
Gade, a graduate of the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage. He will be working alongside fellow veteran loan originator Jay Bunte. With Gade’s extensive experience in the mortgage industry, UMortgage is thrilled to have him on board.
Before joining UMortgage, Gade worked for several mortgage companies, including Bridgeview Bank Group, Mutual of Omaha Mortgage, Inc., and Paramount Bank. His most recent position was as a branch manager at loanDepot. Gade is excited about joining UMortgage because he sees an opportunity to build something from the ground up. He believes that UMortgage’s entrepreneurial spirit will allow him to make a difference quickly, unlike the massive loanDepot.
Gade’s transition from the retail to the wholesale channel is an interesting one. He mentions that the broker channel eliminates the layers of management and oversight between the originator and the company. This results in cost savings that can be passed on to the buyer. Additionally, Gade highlights the opportunity to access VA construction loans at UMortgage, which is an exciting prospect for him.
In terms of performance, Gade had an excellent year in 2022. He originated $165.4 million in mortgages, with $135.7 million in VA loans. This achievement made him the top VA loan officer in the country, according to the Scotsman Guide. However, data from Modex, a mortgage tech platform, shows that Gade originated $117 million this year, with $90.3 million in VA loans. Regardless of the exact figures, it’s clear that Gade has been highly successful in his career.
UMortgage, a broker shop and non-delegated correspondent lender, has also been performing well. They reached $1.23 billion in mortgage production this year. However, VA loans represented only 17.6% of their total loan volume, according to Modex. With Gade’s expertise in VA loans, UMortgage can potentially increase its market share in this area.
UMortgage currently has 324 active loan officers and 40 branches. They work with 20 lenders and take an average of 14 calendar days to close a loan. The brokerage firm claims to gain 65 basis points from each loan, which is impressive.
Overall, Patton Gade’s move to UMortgage is a significant development in the mortgage industry. With his expertise and UMortgage’s entrepreneurial spirit, they have the potential to achieve great things together. It will be exciting to see how Gade’s addition to UMortgage’s team will impact their growth and success in the future.
