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Online, Non-Prime Lender Rings Up $200 Mil in December

WOODLAND HILLS, CA-WMC Mortgage Corp. achieved a $201.06 million loan funding volume for December 2001, a 25% increase over its Nov. total and an 800% jump from August.

By Peter Landau | Updated on January 14, 2002

WOODLAND HILLS, CA-The Internet remains a profitable avenue for some real estate ventures, as the online B2B non-prime lender WMC Mortgage Corp. achieved a $201.06 million loan funding volume for Dec. 2001.

The Dec. figure marks a 25% increase over its Nov. total of $160 million, and a whopping 800% jump above the August 2000 figure of $24.7 million.

The news is a milestone for the company — a “180 degree turnaround,” according to its president and CEO Scott McAfee from the industry heyday of 1998 when it last achieved the $200 million range and had 1,300 employees with dozens of nationwide branches.

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