A rise in home lending at McLean Mortgage Corp. pushed quarterly volume to a second consecutive all-time high and positioned the firm for an annual record.
During the period that started on July 1, 2016, and concluded three months later, McLean Mortgage originated 1,728 residential loans for $0.596 billion.
Those details and more were disclosed by the Fairfax, Virginia-based firm as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.
“This represented an increase of almost 20 percent compared to the record production levels achieved in the second quarter of this year,” McLean Mortgage said.
In the second quarter, 1,438 loans were funded for a record $0.507 billion, while the total was 900 mortgages originated for $0.329 billion in the third-quarter 2015.
During all three quarters that have elapsed this year, production at McLean Mortgage came to 4,066 units for $1.432 billion.
“Our year-to-date production of over $1.4 billion puts us on target to far exceed the company’s record annual production levels of $1.5 billion in 2012 and 2013,” McLean Mortgage President Nathan Burch said in a written statement.
Burch explained that word of mouth and referrals have enabled the company to grow without having to make acquisitions.
Refinance share during the third-quarter 2016 was 37.3 percent.
Headcount finished September 2016 at 246 people, three more employees than at the middle of this year.
Staffing stood at
234 people as of Sept. 30, 2015.
