Last year’s originations shot up 200 percent at a company operated by the former chief of the National Association of Mortgage Brokers. Nearly two-thirds of the activity was government — though that figure is forecasted to fall. With overall fundings expected to increase another quarter this year, the firm is recruiting production personnel.
Last year’s home-loan production at LeaderOne Financial was $500 million, a news release said.
That was a 200 percent increase from the prior year, according to the announcement, making 2009’s volume around $167 million.
Government originations accounted for 63 percent of last year’s business, though the company expects the government share to fall in 2011.
As for a 36 percent “dive” in originations expected for the U.S. residential lending industry as a whole this year, “LeaderOne Financial seems unconcerned that this will be the smallest national market for mortgages since 1997.”
The Overland Park, Kan.-based company projects 25 percent growth in its own loan originations during 2011.
A.W. Pickel III, founder and chief executive officer of the 17-year-old firm, noted in the statement that prior customers are the most important source of new business.
Pickel, the former president of the National Association of Mortgage Brokers, explained that he is optimistic about upcoming activity because the ranks of originators have thinned — leaving less competition.
LeaderOne said headcount increased 17 percent last year. Pickel explained how technology reduced the need to increase human resource expenses even more.
Last year, the company opened new offices in Colorado, Maryland, Pennsylvania and Washington. This year, new teams are planned for Georgia, Alabama and the Washington, D.C., area.
On its career page, LeaderOne is advertising for “mortgage banking consultants,” processors and underwriters. Other openings include closing positions and business development.
