With the three months ending June, Chicago-based Guaranteed Rate Inc.’s home loan production shot up over the first quarter. Staff count also increased, but servicing for the lender decreased.
As documented in Mortgage Daily’s Second-Quarter Mortgage Origination Survey, Guaranteed funded 10,919 residential loans at $3.180 billion. All loans were produced through retail lending activity.
The lender increased originations by $1.084 billion over the first quarter and brought its first six-month lending totals to 18,351 loans for $5.276 billion.
In line with most other mortgage companies reported by Mortgage Daily, loan activity for Guaranteed was lower than the second-quarter 2013. During this period, Guaranteed issued $4.692 billion in new loans.
By the close of the second quarter, Guaranteed serviced 12,512 loans at $3.003 billion.
Most of the balance came from third-party servicing at $2.994 billion, while $0.010 billion were loans in its own investment portfolio.
With the close of March, the company’s servicing portfolio was at $4.036 billion, which meant $1.033 billion less in servicing activity for the lender by the time June culminated.
Guaranteed, which recently agreed to acquire assets from FirsTrust Mortgage, also had a higher servicing portfolio at the end of the second-quarter 2013. During this period, the company serviced loans at $3.432 billion.
In staffing, Guaranteed documented 2,500 employees by the time June finished, which was 38 more than reported as of March 31 but 457 fewer than listed as of June 30 last year.
