A new wholesale lending unit helped Fremont Bank push 2010 originations higher even though the industry as a whole suffered a decline. The company sees more growth ahead for broker-originated business.
Last year’s residential production at the Fremont, Calif.-based institution was $4.5 billion, a news release said. Business improved from $4.0 billion reported for 2009. Volume during both years amounted to more than 30,000 mortgages.
Fremont’s annual improvement contrasts total home-loan production from all U.S. lenders, which fell to roughly $1.5 trillion last year from 2009’s $2.0 trillion.
The bank’s strong performance was credited to the company’s wholesale lending division, which launched in late 2009.
According to the announcement, wholesale originations were $950 million last year. A new operation in Aliso Viejo, Calif., was responsible for $400 million of the volume.
Two other wholesale centers have been opened in California, and Fremont says it “is looking to further expand in California and other neighboring states.”
(The last two paragraphs have been deleted from this story because they referred to companies that were created from the assets of Fremont General Corp. or its subsidiaries — with which Fremont Bank has never been associated.)
