Thanks to a surge in business from mortgage brokers, home-loan production at United Shore Financial Services LLC was up by nearly half on a quarterly basis. On an annual basis, business skyrocketed by more than 200 percent. Growth in new business is being complimented by an aggressive recruiting campaign.
Fourth-quarter residential originations totaled 16,555 loans for $2.982 billion, according to quarterly production data provided to Mortgage Daily.
Business shot up from the third quarter, when the Birmingham, Mich.-based company closed 9,906 loans for $2.019 billion.
During the same three-month period in 2011, United Shore originated 3,944 units for $0.694 billion.
Production during the final three months of last year included $2.716 billion from United Wholesale Mortgage, surging from the prior quarter’s $1.776 billion in wholesale production.
In June 2012, United Shore President Matthew Ishbia proclaimed, “We believe United Wholesale is currently the fastest-growing wholesale division of any mortgage lender in the U.S.” Ishbia was promoted from his role as president of United Wholesale earlier this month.
In addition, $0.266 billion in retail originations were generated by Shore Mortgage, marginally higher than the $0.243 billion funded in the third quarter.
Full-year production from all channels was 37,226 loans for $7.076 billion, a huge improvement from 11,796 loans for $2.09 billion closed during all of 2011.
While United Shore didn’t report its year-end 2012 mortgage servicing portfolio, it serviced 22,832 loans for $4.123 billion as of Sept. 30, 2012.
Headcount climbed to 1,080 employees at the end of last year from 821 people at the end of September. United Shore projected in November that its staffing would expand by around 400 employees over the following 12 months.
