*A Positive Note*
**By Tony Garritano**
***I’m looking forward to the weekend, aren’t you? So, I thought that I’d end the week on a positive note by telling you about a real success story. Mortgage Master, a super-regional mortgage bank, has generated record production volume of $3.97 billion for the first six months of 2013, compared to $3.25 billion in the same period in 2012. In 2012, Mortgage Master increased its originations to a record $7.3 billion, from $5.5 billion in 2011.
****Mortgage Master, which was the leader in Massachusetts in terms of residential loan production for the full year 2012 (bank or mortgage banker), maintained the number one position in Massachusetts for the first half of 2013, according to data compiled by The Warren Group. For the first six months of 2013, Mortgage Master’s Massachusetts production was $2.17 billion.
****“Our model of providing the best possible pricing and service to borrowers, and the commitment of our talented employees, have been the driving force behind our success over the last 25 years,” commented Paul Anastos, President of Mortgage Master. “As we expand and leverage our successful model across the U.S., we continue to hire quality loan officers looking to join a lender that is committed to helping borrowers find the right mortgage solution.”
****First Half 2013 Highlights
****>> Generated record production of $3.97 billion compared to $3.25 billion in the same period in 2012.
****>> Maintained #1 leadership position in Massachusetts (bank or mortgage banker) with $2.17 billion of residential loan volume.
****>> Average production per loan officer was $16 million for the first six months of 2013, significantly above industry averages.
****>> From July 2012 to June 2103 closed $8.1 billion in loans or 25,700 units. For this period, average production on an annualized basis per loan officer was $32 million, significantly above industry averages.
****>> Jumbo loan production increased 65% compared to the same period in 2012.
****>> 19 loan officers ranked in the top 300 of loan officers in the U.S. by 2012 dollar volume.
****>> Added 31 new loan officers.
****>> Licensed in 4 new states including, Illinois, Michigan, Texas and Wisconsin.
****>> Expanded branch network by adding 5 new branch offices in Brooklyn, NY, Chicago, IL, Lisle, IL, LaJolla, CA and Simsbury, CT
****>> Opened a new operation center in Lisle, IL.
****There you have it, a really feel-good story. Now enjoy your weekend my friends!
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.