Residential loan production at United Shore Financial Services LLC continued at a torrid pace as the mortgage banker beefs up its staff to accommodate rapid growth.
The Birmingham, Mich.-based company reported that it originated 9,906 loans for $2.019 billion during the three months ended Sept. 30.
Business leapt from the second quarter, when the lender closed 6,416 loans for $1.245 billion, and skyrocketed from the $0.667 billion funded in the same period last year.
“The immense growth that we are experiencing is a direct result of the second-to-none service that is provided to our brokers, coupled with the innovative products and aggressive pricing we offer,” United Wholesale Mortgage President Mat Ishbia said in a statement.
Ishbia didn’t mention anything about record-low mortgage rates.
So far during 2012, production totals 20,671 loans for $4.094 billion — far surpassing the11,796 loans for $2.09 billion closed during all of 2011.
Business during the latest period included $0.243 billion in retail originations, which are generated through Shore Mortgage and Capital Mortgage Funding. United Wholesale Mortgage additionally generated $1.776 billion in wholesale production.
The mortgage servicing portfolio finished last month at 22,832 loans for $4.123 billion.
United Shore said that it employed 821 people as of Sept. 30. Headcount was just 475 at the same point last year.
The lender noted that it intends to recruit another 400 employees during the next 12 months.
