Vigorous Growth at New American Funding

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MORTGAGE EXPERT
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Compared to a year earlier, mortgage production nearly doubled at New American Funding. In addition, growth was nearly as strong for the firm’s servicing portfolio and staffing.

Residential loan originations at the Tustin, Calif.-based company were 5,414 loans for $1.606 billion from July 1 through Sept. 30.

The details were provided as part of the Mortgage Daily Third Quarter 2014 Mortgage Origination Survey.

Third-quarter activity included $1.434 billion in retail originations and $0.172 billion in wholesale production.

Overall business at New American improved from 4,372 loans closed for $1.280 billion in the previous three-month period.

Mortgage production nearly doubled compared to the third-quarter 2013, when 2,945 loans for $0.833 billion were funded.

For the first nine months of 2014, home lending activity amounted to 12,765 mortgages for $3.717 billion.

New American Funding, which is the DBA of Broker Services Inc., serviced 24,473 home loans for $6.376 billion as of Sept. 30.

The residential loan servicing portfolio was previously reported at 21,886 loans for $5.696 billion three months earlier and 14,286 mortgage for $3.717 billion a year earlier.

As of the end of September, New American reports that 1,325 people were on staff.

The number of employees grew from 1,139 as of mid-year and soared from just 798 people as of Sept. 30, 2013.

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Mortgage Daily Staff

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