Residential loan originations have been on a steady incline almost every quarter for the past two years at New American Funding. Annual business doubled.
During the fourth quarter, the Irvine, Calif.-based lender closed 3,801 loans, according to data provided to Mortgage Daily. That worked out to $1.099 billion in volume.
Retail originations were 3,579 loans for $0.998 billion, while wholesale production amounted to 362 loans for $0.101 billion.
Overall business was better than in the third quarter, when New American originated 3,492 loans for $1.023 billion. Volume totaled just 2,051 loans for $0.650 billion during the same three-month period in 2011.
Total originations last year were 12,339 units for $3.621 billion, jumping from $1.8 billion closed in 2011.
The company said that it serviced 6,227 loans for $1.678 billion as of Dec. 31, growing the portfolio from 4,356 loans for $1.198 billion three months prior.
Headcount at New American expanded to 586 employees as of year-end 2012 from 559 employees as of Sept. 30.