A mistake in reporting by Stearns Lending Inc. understated fourth-quarter 2014 mortgage production by more than $2 billion.
In Mortgage Daily’s Fourth Quarter 2013 Mortgage Origination Survey, Stearns originally reported that it closed 2,549 loans for $0.632 billion.
But a revised report provided Wednesday by the lender indicates that fourth-quarter volume actually was 10,541 loans for $2.682 billion.
The revised numbers included $0.432 billion in retail production, $2.004 billion in wholesale business and $0.246 billion in correspondent acquisitions.
In a written statement, a spokeswoman apologized “for the error on the original submission.”
As a result of the correction, full-year 2013 originations at Stearns have been revised to 51,903 units for a total of $13.082 billion.
