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New American Lifts Lending, Servicing and Staffing

Mortgage News

Broker Services Inc. DBA New American Funding became just the second lender of those reported to date by Mortgage Daily to see upward growth in annual quarterly comparison. Servicing and staffing also spiked.

From April’s start to June’s finish, New American originated 4,372 residential home loans for $1.280 billion, according to Mortgage Daily’s Second-Quarter Mortgage Origination Survey.

Most loan activity came from New American’s retail business, which produced 3,923 loans for $1.236 billion. Wholesale lending channels contributed 449 loans at $0.044 billion.

The company’s total originations grew 54 percent over loans funded during the first three months of this year.

Year-to-date origination activity through June 30 equaled 7,351 units for $2.111 billion at New American.

Second quarter production also provided a small increase over the Tustin, Calif.-based company’s $1.214 billion in loans originated during the second-quarter 2013.

Still, the 5 percent rise made New American one of the rare mortgage lenders with improved production over last year.

Ending June, New American serviced 21,866 loans for investors at $5.696 billion.

Compared to the three-month timeframe ending March, New American had $0.681 billion more in servicing.

New American’s portfolio was at $2.961 billion by the end of the second-quarter 2013.

The lender, which announced opening a new St. Louis, Mo., branch in June and one in Henderson, Nev., in July, reported 1,139 staff members as of June 30.

Ending March, New American had just 950 workers.

Headcount substantially increased over last year when employees numbered approximately 700.

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