In addition to expanding its quarterly mortgage originations, The Money Source Inc. added more than a hundred employees and grew its mortgage servicing portfolio.
As of June 30, the Melville, New York-based firm serviced $13.08 billion in residential loans. The servicing portfolio expanded from $12.20 billion three months earlier.
Those details and other operational data were provided as part of the lender’s participation in
the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.
As of mid-2015, the servicing portfolio was just $7.92 billion.
During the three months ended June 30, home-lending volume came to $2.35 billion.
Business accelerated from the first quarter, when $1.93 billion was funded.
But mortgage production was off from the second-quarter 2015, a period that saw $2.37 billion in production.
During the first-six months of this year, residential loan originations amounted to $4.28 billion.
The Money Source — which generates business through the retail, wholesale and correspondent channels — noted in a news release that the $1 billion funded during just June was “a new growth milestone.”
“The Money Source’s growth can be credited to a strong workforce that embraces our company’s unique corporate culture and works tirelessly to achieve our mission of making home ownership a reality for one million families across the nation,” The Money Source Chief Executive Officer Darius Mirshahzadeh said in the statement.
Staffing at The Money Source closed out the second-quarter 2016 at 546 employees.
Headcount surged from the end of the first quarter, when there were 411 people on the payroll.
There were just 353 employees as of June 30, 2015.
So far this year, The Money Source reports that it has hired more than 300 new employees.
