Banking & Finance

Local Mortgage Firm Joins National Platform

By Jenny Callison, posted Jun 6, 2023
Patrick Stoy

Wilmington-based MC Mortgage Group announced this week that it has joined UMortgage, a nationwide platform that provides sales and organizational support for its member firms.

The new relationship will free him from spending much of his time on day-to-day operations, MC Mortgage Group President Patrick Stoy said in a news release, allowing him “the opportunity to focus on my relationships with my realtor partners, my loan originators and my borrowers.”

UMortgage, Stoy said Tuesday, is an industry disrupter that enables independent mortgage brokers to locate the best rates from a large stable of lenders nationwide, while providing administrative support.

“I have been an independent mortgage broker with access to wholesale prices. We could check with 50 different banks, depending on who had the best pricing, but I was bogged down with [such things as] compliance,” he said. “This gets rid of the busy work so we can take care of our customers. It moves all my back-office stuff to the UMortgage platform.”

UMortgage also increases MC Mortgage's footprint, giving the firm access to business and to lenders in 47 states.

MC Mortgage's team of 10 loan originators will work through the UMortgage platform to serve its customers in North and South Carolina. The firm offers conventional and adjustable-rate mortgages, VA loans, FHA loans, USDA loans and refinancing. It also, said Stoy, can finance purchases of vacation rental property like residential units planned as Airbnbs, basing approval on the amount of forecast rental income.

Local mortgage brokers can benefit from UMortgage’s national presence while focusing on their clients, UMortgage officials stated in the release.  

“The UMortgage platform has been developed to offer loan originators the low rates and robust product optionality of a wholesale brokerage and the day-to-day operational support typically exclusive to retail lenders,” the release stated.

Founded by Stoy in 2005, the MC Mortgage Group was recognized as Mortgage Professional America’s (MPA) Top Employer and Lender and Wilmington-Cape Fear Home Builders Association's Lender of the Year in 2021.

Stoy, who has 24 years of experience as a broker in the housing industry, was named a United Wholesale Mortgage (UWM) Top 1% Broker and a Top-100 Purchase Loan originator with UWM in 2022, according to the release, which added that in 2021, the N.C. Home Builders Association recognized him as Mortgage Professional of the Year. 

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