Quarterly mortgage originations increased at Stearns Lending Inc., while the size of the mortgage servicing portfolio was larger, and the number of people on the payroll rose.
Stearns reported as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey that it serviced 115,332 loans for $24.244 billion as of Sept. 30.
The Santa Ana, California-based company’s mortgage servicing portfolio grew from three months earlier, when the total came to 113,715 loans serviced for $23.857 billion.
Growth also occurred compared to one year earlier, when 122,950 mortgages were serviced for $26.539 billion.
All of the mortgage banker’s loans are serviced for third parties.
Residential loan originations totaled 27,220 loans for $7.631 billion during the period that started on July 1, 2016, and concluded on Sept. 30.
Business was elevated from the second quarter, when 26,411 loans were closed for $7.017 billion.
Activity also ascended from the third-quarter 2015, when 25,931 loans were funded for $6.578 billion.
Third-quarter 2016 volume included $2.006 billion in retail originations, $2.980 billion in wholesale lending and $2.645 billion in correspondent acquisitions.
For all nine months that have completed so far in 2016, mortgage originations amounted to 73,911 units for $19.885 billion.
During just August,
Stearns announced it originated $2.83 billion — the most ever for a single month.
“This year we are on target to exceed previous levels of growth thanks to many factors, including full implementation of a proprietary loan origination system, superior adaptation to the post-TRID regulatory environment, and most important of all — our world-class workforce comprised of the industry’s most talented and dedicated mortgage professionals,” Stearns Chief Executive Officer Brian Hale said in the statement.
Stearns concluded September 2016 with 2,088 employees. Headcount expanded from 1,921 people as of mid-2016 and
1,835 employees as of the same date last year.
