SAN JOSE, Calif., Aug. 14, 2017 /PRNewswire/ -- Silicon Valley-based wholesale originator Western Bancorp announced today that is has joined the Eli Global family of businesses to lead the FinTech Revolution in the mortgage industry. Eli Global is a privately held multinational investment firm that has created a loose confederation of autonomously managed, entrepreneurial businesses. Eli Global makes long-term investments in entrepreneurs and provides capital for growth, making Western Bancorp an exceptional fit for its portfolio of companies.
Western Bancorp Founder Rick Soukoulis has a long legacy of developing innovative mortgage-related technologies. He is a long time technology innovator in the mortgage space and his aspiration to deliver his innovative software to revolutionize the mortgage market was the genesis of LoanCity, a leading wholesale originator that Rick launched in 1999.
With the support of Eli Global, Western Bancorp will expand its wholesale origination volume and develop technologies to support a frictionless broker experience and improve workflow processes. Western Bancorp also intends to quickly expand its operations beyond Silicon Valley and enter into new wholesale channels (non-delegated and mini-correspondent).
"With Eli Global as our new capital partner, we will grow our wholesale origination footprint, enter into new channels, and make strategic investments in technology that will allow us to become a leading innovator in the wholesale mortgage fin-tech revolution," says Rick Soukoulis, Founder of Western Bancorp.
The leadership of Western Bancorp will continue to run the business as an independent operating entity within the Eli Global family, and fulfill their vision of making mortgage brokers more effective and efficient.
About Western Bancorp
Western Bancorp is a technology-enabled wholesale originator based in San Jose, California. Western Bancorp is an approved Fannie Mae Seller and Servicer, FHA, and VA originator. Western Bancorp utilizes its proprietary digital loan management system, LMS Xpress to originate loans and provide an exceptional experience for its mortgage broker customers.
About Eli Global
Based in Durham, North Carolina, Eli Global is a privately held investment firm that has created a group of 50+ independent business units held together by common values and principles of entrepreneurship—with over 5,500 people operating from more than 20 locations globally.
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SOURCE Western Bancorp