McLean Mortgage Corp. steamrolled ahead with new business as its loan originations leapt by nearly three-fourths on a quarter-over-quarter basis.
McLean originated 1,065 residential loans for a total of $0.366 billion from April 1 to June 30, as listed in Mortgage Daily’s Second-Quarter 2014 Mortgage Origination Survey.
All of the Fairfax, Va.-based home lender’s residential business was generated through the retail origination channel.
Refinances accounted for just 17 percent of second-quarter business.
These amounts gave McLean a significant boost over the prior quarter, during which the lender closed just 660 loans at $0.210 billion.
For the first six months this year, McLean provided $0.576 billion in funding for its 1,725 loans.
The mortgage provider tallied $0.486 billion in originations in the second-quarter 2013.
The company did not service any loans.
McLean counted 230 employees as of June 30, growing its staffing from 195 people as of mid-year 2013.
“Our strategy to use the end of the refinance boom as an opportunity to bolster our sales force and expand purchase production has been extremely successful,” McLean Chief Executive Officer Pat Peavley said in a written statement. “We have not laid off one employee during this transition period and at the same time we have doubled our sales force, which has put us in a great position for the future.”
