Business Slows at McLean Mortgage

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MORTGAGE EXPERT
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Quarterly home loan originations at McLean Mortgage Corp. were down by nearly a fourth. The lender did manage, however, to build up its staffing and increase annual activity.

During the three months ended Dec. 31, 2013, residential loan production totaled 818 loans for $0.270 billion, the company reported for Mortgage Daily’s Fourth Quarter 2013 Origination Survey.

The Fairfax, Va.-based firm said that all of its mortgage business was generated through the retail origination channel.

Home loan volume retreated from 1,057 units closed for $0.354 billion during the third quarter.

Activity also slowed from the fourth-quarter 2012, when mortgage production was around $0.476 billion.

During the 12 months ended Dec. 31, 2013, McLean Mortgage closed $1.504 billion.

Last year’s business was slightly better than in 2012, when full-year production amounted to $1.503 billion.

McLean Mortgage doesn’t service any loans.

Staffing at the lender finished last year at 214 employees, growing from headcount of 198 at the end of the third quarter.

Headcount increased from 165 people at the end of 2012.

Mortgage Expert

Mortgage Daily Staff

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