A growing mortgage lender based in Michigan has doubled its production forecast for 2012. The improved outlook was accompanied by a projected doubling of staffing.
Earlier this year, United Wholesale Mortgage predicted that annual originations would reach $3.5 billion this year. At the time, headcount stood at around 521 employees.
As of mid-year, the Birmingham, Mich.-based company had already generated $2 billion in originations.
“We believe United Wholesale is currently the fastest-growing wholesale division of any mortgage lender in the U.S.,” United Wholesale President Mat Ishbia said in a news release Monday. “This growth is consistent with our intent to become one of the nation’s largest independent mortgage lenders.”
United Wholesale generates around 90 percent of the business volume for parent United Shore Financial Services LLC and accounts for approximately 90 percent of staffing. The rest of United Shore’s production and employees are at Shore Mortgage, a call center operation, and traditional retail lender Capital Mortgage Funding.
United Shore reported in Monday’s statement that year-to-date volume has reached $4 billion and is expected to exceed $7 billion by the end of the year.
Headcount, which now stands at 830 employees, is projected to reach a thousand people within the next year.
“USFS is currently one of the fastest-growing independent mortgage bankers and, importantly, one of the fastest-growing employers in Michigan,” the statement said.
The company is moving its headquarters to a more than 100,000-square-foot facility in Troy, Mich., to accommodate the rapid growth.
