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United Shore Reports Strong Wholesale Production

Thanks to a jump in mortgage broker business, United Shore Financial Services LLC reported a healthy quarterly gain in residential loan originations. On a year-over-year basis, production has more than doubled.

The Birmingham, Mich.-based lender reported to Mortgage Daily that it closed 14,059 loans for $3.192 billion from April 1 through June 30.

New business jumped from 12,428 loans originated for $2.760 billion in the first quarter.

Mortgage production more than doubled compared to the second-quarter 2012, when United Shore funded 6,416 loans for $1.245 billion.

The most recent figure included $0.247 billion in retail originations, off from $0.281 billion in the previous period.

But mortgage wholesale production from subsidiary United Wholesale Mortgage jumped to $2.945 billion from $2.479 billion..

United Shore declined to provide details on its mortgage servicing portfolio.

As of June 30, there were 1,218 people on board at the company. Staffing was up by 18 employees from the prior period.

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