A growing Connecticut firm is on its way to reaching $1 billion in annual originations.
Residential production at Total Mortgage Services is projected to finish 2009 at more than $750 million, a news release today said. This year’s activity was the highest ever for the company.
Volume soared from $450 million during 2008, according to the statement.
Earlier this year, Total reported to MortgageDaily.com that last year’s originations were $385 million. The company did not immediately respond to an inquiry about the discrepancy.
Next year, $1 billion in fundings are projected. The growth is expected to come from higher FHA volume anticipated from receiving its Full Eagle and from the launch of a wholesale channel — which was moved to January from Dec. 1.
Total President John Walsh attributed 2009’s growth to the Milford, Conn.-based company’s centralized model.
This year’s average FICO score at Total was 763, while its average loan-to-value was 66 percent. The average loan amount was $309,000 — suggesting the company will have closed more than 2,400 loans during 2009.
Jumbo loans accounted for 15 percent of production, while FHA share was just 5 percent.
Around 70 mortgage professionals are employed in Milford by Total, which says it is licensed in more than 20 states and plans to expand to as many as 10 more states by next year. Total headcount stood at 75 in August, up from 20 at the end of last year.
