After this story was published, Stearns Lending issued revised fourth-quarter production data. Read about the corrected numbers at www.mortgagedaily.com/stories/StearnsProductionError050714.asp.
After turning sharply lower in the final three months of last year, new business staged a turnaround at Stearns Lending Inc.
From Jan. 1 through March 31, Stearns originated 9,835 home loans for $2.481 billion, according to Mortgage Daily’s First Quarter 2014 Loan Origination Survey.
Mortgage production surged from 2,549 residential loans closed for $0.632 billion during the fourth-quarter 2013 — a period when business sank 78 percent from the third quarter.
Production, however, fell short of the 13,568 loans originated for $3.405 billion in the first-quarter 2013.
First-quarter 2014 business included $0.407 billion in retail volume, $1.711 billion in wholesale originations and $0.363 billion in correspondent acquisitions.
The Santa Ana, Calif.-based company reported a total mortgage servicing portfolio of 111,413 loans for $25.965 billion as of the end of March.
Stearns serviced 97,080 loans for $22.796 billion three months earlier and 49,721 loans for $11.689 billion a year earlier.
The March 31, 2014, total included $25.964 billion in third-party servicing and $0.002 billion in investment loans.
Staffing increased to 1,411 employees from 1,387 at the end of last year.
Headcount stood at 1,464 as of March 31, 2013.
