The Loan Store, a wholesale mortgage lender, has changed its name to Averra Financial. The company said the transition does not affect loans currently moving through its pipeline, which will close on schedule.
The rebrand comes as the lender reports a 68% increase in non-qualified mortgage, or non-QM, volume year to date through August. Non-QM products serve borrowers whose circumstances may not fit conventional qualified-mortgage underwriting standards.
For brokers, borrowers and real estate professionals with active transactions, the lender's statement on in-process loans provides continuity during the brand change. The company has not indicated that pending files will require a new closing process because of the new name.
The name change places Averra Financial in a non-QM market that remains relevant to investors, self-employed borrowers and other buyers seeking financing outside standard agency loan parameters. Details of the rebrand were reported by HousingWire.
