|A Connecticut mortgage firm has doubled originations and tripled its staff so far this year. By the end of the year, it expects to have a new wholesale division up and running.
From Jan. 1 to June 30, mortgage production at Total Mortgage Services LLC came in at $400 million, Total President John T. Walsh reported to MortgageDaily.com in a statement.
Volume has already exceeded the $385 million originated during all of last year. Walsh projects originations will reach $800 million by the end of 2009.
Since launching in 1997, Total reports production of more than 25,000 loans for more than $4 billion. It operates in 21 states as both a lender with in-house underwriting and a mortgage broker.
To support the growth, the Milford, Conn.-based firm has expanded its staff from 25 at the beginning of the year to 75. Walsh called the new hires “some very talented and experienced mortgage professionals.”
Total photo of John Walsh
Total’s success was attributed to “unbeatable” rates and avoiding high-risk lending.
The company plans to roll out a wholesale division in the fourth quarter, and it has hired a “very experienced secondary person” to set up the division.
“We think that it is a perfect time to enter into this arena when everyone else is being forced to exit,” Walsh said in the statement. “We are taking our time putting all the correct pieces in place so that we don’t run into all the problems that other wholesalers (Taylor, Bean and Whitaker for example) have had handling this new environment.
“We see a tremendous opportunity for someone to come into this market with none of the baggage from the toxic mortgages and bad management.”