Mortgage Daily

Published On: August 12, 2003
Mortgage-related Industries Make Fortune Mag’s Latest List

10 companies finish in the top 100 fastest growers

August 12, 2003


Fortune’s new list of “fastest growing companies” includes 10 mortgage-related entities.

In its 15th annual list, Fortune ranked American Home Mortgage Holdings the second fastest growing company in the nation, topped only by InVision Technologies.

“This achievement not only demonstrates the tremendous growth our company has been able to sustain since going public in 1999, but confirms the determination and hard work of all our employees at American Home,” said chairman and chief executive Michael Strauss in a press release.

American Home said its revenue had grown 600 percent in the past four years.

New York Community Bancorp also came in in the top 10, finishing at number seven. The company reported loan origination volume of $768 million for second quarter 2003. Of these loans, $590 million were multi-family.

Subprime lender New Century Financial came in twelfth in the list. The two quarters in 2003 have both been records, with the second quarter 2003 smashing first quarter by 23 percent, New Century said. The company reported that production for second quarter 2003 bested last year by 79 percent.

Flagstar Bancorp’s continued record-setting production landed it the number 21 spot on the list. The Michigan-based lender reported $17.5 billion in production for its latest quarter.

Number 62 is Hudson River Bank and Trust Company, which owns Hudson River Mortgage Corp. Also, the company owns an equity interest in Homestead Funding Corporation, according to its website. Homestead is licensed to sell multi-family residential mortgages and construction loans in almost every state, the website said.

Next, at 63, is Private Bancorp. The company reported second quarter 2003 loan sale revenues of $1 million.

Capital One Financial, which has recently entered the mortgage business, came in at 84 on the list. Radian Group finished near the end of the top 100, hitting 91 on the list.

Staten Island Bancorp finished 90th. The New-York bank runs subsidiary SIB Mortgage Corp. According its the latest earnings statement, the company sold $4.3 billion in loans during the last quarter and is continuing to experience record application volume.

Last of the mortgage industry players to make the list is number 94, First Place Financial. The company’s fiscal year 2003 ended June 30. According to earnings statements posted on the NASDAQ website, the company originated $1 billion in loans for the year.

The Fortune list of the fastest growing companies took three factors into account: earnings growth, revenue growth and total investment returns. If a tie occured, then revenues were the deciding factor, the magazine said. All companies had to have had $50 in revenues during the last four quarters and a minimum market cap of $50 million.

Homebuilders Hovnanian Enterprises, Orleans Homebuilders and D.R. Horton also made the list.

Anne Lineberry is‘s editor. She previously worked as an online editor/producer for and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]

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