Residential loan production climbed during the latest quarter at Stearns Lending Inc. The lender reported aggressive growth in its mortgage servicing portfolio — which doubled from three months earlier.
Home-loan originations during July, August and September totaled $3.2 billion, according to production data provided to Mortgage Daily.
Business picked up from the second quarter, when the Santa Ana, Calif.-based company closed $2.8 billion in residential mortgages.
Production also improved from the three months ended Sept. 30, 2011, when Stearns originated $1.7 billion.
From Jan. 1 through Sept. 30 of this year, originations amounted to $8.1 billion.
The residential loan servicing portfolio finished last month at $5.8 billion — soaring from $2.9 billion as of June 30. Stearns serviced just $1.1 billion as of the end of last year.
Staffing has expanded to accommodate the recent growth, with headcount climbing to 1,302 as of the third quarter from 1,154 at the end of the second quarter.
Roughly 800 people were employed at Stearns a year earlier.
