A Chicago bank has been expanding its mortgage business and is now rivaling national players. The company has been aggressively recruiting new employees to keep pace with the growth.
Residential loan production at Cole Taylor Mortgage was 7,586 loans funded for $1.947 billion during the fourth-quarter 2012, according to data provided to Mortgage Daily.
The Chicago-based firm lifted originations from the prior quarter, when 5,486 loans were closed for $1.385 billion.
Business has more than doubled from the fourth-quarter 2011, when Cole Taylor funded 3,103 loans for $0.782 billion.
Mortgage production has increased every quarter since at least the first quarter of last year.
Wholesale originations accounted for 74 percent of the latest total, while retail originators generated 18 percent and correspondent share was 8 percent.
Full-year 2012 production was 20,617 loans closed for $5.187 billion, surging from just 7,471 loans for $1.880 billion during 2011.
The Taylor Capital Group Inc. subsidiary serviced $8.534 billion in home loans as of the end of last year, growing the portfolio from $6.283 billion as of Oct. 31, 2012. The mortgage servicing portfolio was just $1.018 billion at the end of 2011.
Headcount at the mortgage unit shot up to 564 employees from 468 employees at the end of the third quarter. Staffing finished 2011 at 187 employees.
