Fueled by gains from its wholesale unit, American Home Mortgage Investment Corp. surged to record quarterly production.
Second quarter volume amounted to $10.8 billion, the Melville, N.Y.-based lender announced Tuesday, up from $7.2 billion in the previous quarter and from $6.6 billion a year earlier.
"I am very pleased with our company's strong results for the second quarter," said company CEO Michael Strauss in the earnings announcement. "Of special note in the quarter was the success of our origination business."
With the record volume, the mortgage real estate investment trust said it also achieved a milestone in its market share as it gained 0.35% during the quarter to capture an estimated 1.58%.
Of the quarter's loan production, refinances reportedly represented 41% and adjustable-rate mortgages 50%.
More than half -- $5.7 billion -- of second quarter originations came from wholesale unit American Brokers Conduit, up from $3.7 billion in the prior quarter, according to the unit's spokesman John Lovallo.
The application pipeline at the end of the three-month period was 27% higher than at the end of the first quarter, the announcement said.
The loan servicing portfolio, which includes warehouse loans, grew by approximately $5 billion during the second quarter to $24.7 billion as of June 30, 2005. The weighted average note rate was reported at 5.62%.
The REIT said its staff of loan officers and account executives, including call center representatives, totaled 2,334 at the quarter's end, which is 191 employees more than in the first quarter.