Last year’s home-loan fundings at Stearns Lending Inc. more than doubled, pushing annual mortgage production to an all-time high.
From Oct. 1 through Dec. 31 of last year, the Santa Ana, Calif.-based mortgage banker originated $3.7 billion in residential loans, according to statistics provided by the company.
Fourth-quarter production was the highest on record based on Stearns data available back to 2010.
When asked to confirm whether the latest activity was an all-time high for the lender, Stearns spokesman Richard S. Donine stated “I believe so.”
Originations picked up from the third quarter, when $3.2 billion was originated. During the same three-month period in 2011, fundings amounted to $2.1 billion.
The latest activity brought full-year production to 49,000 loans for $11.8 billion, a “record pace for loan originations in 2012.”
Loan volume was $5.8 billion during 2011.
Last year’s activity included $9 billion in wholesale fundings, $2.1 billion in retail production and around $0.7 billion in correspondent originations.
Stearns said that it serviced $9 billion in home loans as of year-end 2012.
The mortgage servicing portfolio increased from $5.8 billion as of Sept. 30 and $1.1 billion as of Dec. 31, 2011.
Staffing finished last year at 1,400. Stearns lifted its headcount from 1,302 as of Sept. 30, while the number of employees was 836 as of Dec. 31, 2011.
