New American’s Home Loans, Servicing Climb

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MORTGAGE EXPERT
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Broker Solutions Inc., which does business as New American Funding, boosted its mortgage originations and servicing. But staffing was down.

For the three months ended March, New American funded 7,660 loans at $2.259 billion, according to information provided through the company’s participation in the Mortgage Daily First Quarter 2015 Mortgage Origination Survey.

At $2.020 billion, retail originations comprised the majority of new business, while wholesale lending was at $0.238 billion.

Overall loan volume jumped ahead of the 6,115 loans originated at $1.800 billion in the three months ended 2014.

Mortgage production exploded by $1.428 billion over originations from the first quarter last year.

As of March 31, the Tustin, California-based lender’ servicing portfolio was 31,895 loans at $8.411 billion.

The portfolio grew  from 26,496 loans at $6.979 billion as of Dec. 31, 2014.

The recent total also increased from 19,313 loans at $5.014 billion at the end of March a year ago.

From the end of the last quarter last year, staffing fell by 65 to 1,378 as of the end of the first quarter of this year. (after this story was published, New American provided corrected staffing numbers that reflected headcount of 1,603 as of March 31, 2015, more than 1,443 as of Dec. 31, 2014)

Headcount has expanded, however, from a year ago at the same point when 950 employees were on the payroll.

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Mortgage Daily Staff

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