A California bank reported that its residential originations so far this year have tripled all of last year’s activity and already exceed $3 billion.
Fremont Bank reported today that its year-to-date production is $3.5 billion.
In 2008, Fremont said it funded $0.9 billion, while 2007 volume was $0.7 billion.
“We credit the remarkable increase in our home loan originations to our calculated strategy to stay true to providing our qualified clients with prime, traditional loans, while steering clear of the exotic, subprime lending products that have since vanished,” Fremont residential lending executive Gary De Luca said in the statement. “Our continued work with Fannie Mae and Freddie Mac, coupled with the recent drop in interest rates, has been a key factor.”
Based in Fremont, Calif., the 45-year-old institution had 612 employees as of June 30, nearly a hundred more than the prior year, according to Federal Deposit Insurance Corporation data. Residential loans owned by the bank ended June at $1.0 billion.
The company plans to open a residential lending center in Aliso Viejo on Dec. 1 — its first venture into Southern California. The office will be managed by Brad Seibel.
