A wholesale mortgage lender operating from Michigan expects to increase originations by more than two thirds this year. The company is adding new products and recruiting more than a hundred people a year to help it meet the aggressive growth plans.
United Wholesale Mortgage reported $0.694 billion in fourth-quarter 2011 originations to Mortgage Daily. That worked out to 3,944 mortgages.
Previous production data indicates that business was lifted from $0.667 billion in the third quarter. Fundings were also better than $0.6 billion in the fourth-quarter 2010.
During all of last year, the Birmingham, Mich.-based company closed 11,796 loans for $2.09 billion during the third quarter. Volume was a little better than in 2010, when the company originated $2.0 billion.
This year’s production is expected to exceed $3.5 billion, while annual originations are expected to reach $8 billion by 2014.
As of Dec. 31, 2011, the lender employed 521 people, up from the third quarter when headcount was 475.
Around 10 new employees are being added each month.
“As we move into 2012, we are looking to take our business to the next level by offering a full spectrum of mortgage products and warehouse lines to our broker network,” United Wholesale Mortgage President Mat Ishbia said in the news release.
