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New American Funding’s Mortgage Production Increases

Mortgage News

Home loan originations increased at New American Funding in the second quarter, while the mortgage servicing portfolio expanded.

During the three months ended June 30, home-loan production was 4,121 loans for $1.214 billion, the Tustin, Calif.-based firm reported to Mortgage Daily.

It was the best quarter for New American since Mortgage Daily began tracking residential loan origination for the company in 2010. New American was founded in 2003.

In the prior quarter, 3,572 loans were closed for $0.973 billion.

New American’s volume in the second-quarter 2012 was 3,492 loans for $1.023 billion.

Between Jan. 1 and June 30 of this year, 7,693 mortgages were funded for $2.187 billion.

Retail originations accounted for $1.105 billion of the latest quarter’s activity, and wholesale lending was $0.110 billion.

The third-party mortgage servicing portfolio jumped to 11,413 loans serviced for $2.961 billion.

New American serviced 8,671 loans for $2.276 billion as of March 31.

While the company declined to provide staffing numbers, a July 2 announcement indicated that headcount was approximately 700 employees.

There were 685 employees as of the end of the first quarter and roughly 480 people on board at the same point last year.

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