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Guaranteed Fundings Up as Servicing, Staffing Off

Mortgage News

New lending activity made a healthy improvement at Guaranteed Rate Inc. But the size of the servicing portfolio and the number of employees moved lower.

The Chicago-based company closed 12,089 residential loans for $3.604 billion during the three months ended Sept. 30. All activity was retail.

Guaranteed Rate reported the operational metrics as part of the Mortgage Daily Third Quarter 2014 Mortgage Origination Survey.

New business was better than three months earlier, when 10,919 home loans were originated for $3.180 billion.

However, like most of the industry, mortgage production came up short compared to the 14,157 loans funded a year earlier for $4.047 billion.

From Jan. 1 through Sept. 30, Guaranteed originated 30,440 units for $8.880 billion.

Moving on to loan servicing, Guaranteed’s portfolio fell to 11,466 loans for $2.790 billion from 12,512 loans for $3.003 billion as of June 30.

The servicing portfolio was also reduced from Sept. 30, 2013, when 16,142 loans were serviced for $3.917 billion.

Investment loans accounted for $0.005 billion of the Sept. 30, 2014 total, and the rest was third-party servicing.

Guaranteed Rate cut total headcount to 2,384 as of the end of September from 2,500 people on the payroll as of the end of June.

As of the same date in 2013, staffing stood at 2,803.

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