Stearns Lending Soars at Record Pace for Loan Originations in 2012
Stearns overall growth in 2012 exceeds 2011 by 107 percent
SANTA ANA, Calif.--(BUSINESS WIRE)-- Stearns Lending, Inc., a leading nationwide mortgage lending institution encompassing Retail, Wholesale and Correspondent business channels, announced final production numbers for 2012.
Stearns Lending Soars at Record Pace for Loan Originations in 2012. Stearns overall growth is 2012 exceeds 2011 by 107 percent. (Photo: Business Wire)
In 2012, Stearns set a company record by funding approximately 49,000 loans for $11.8 billion. This was a 107 percent increase in volume from 2011. Stearns Lending origination platform operates 17 regional operations centers nationwide and is licensed in 49 states. Stearns' rapidly growing loan servicing portfolio ended the year just under $9 billion.
Wholesale volume was up 82 percent for a total of $9 billion, while its Retail Enterprise was up 230 percent year over year, funding over $2.1 billion. Stearns also set records in its Correspondent division.
"We are extremely pleased with our continued growth during this opportunistic market," said Katherine Le, President of Stearns Lending. "We've taken a proactive approach in expanding our infrastructure and creating a robust compliance driven operation. The hard work and dedication of our people has allowed for exceptional results, and we look to carry that momentum into 2013 and beyond."
Stearns also had a record year in recruiting by hiring an additional 546 employees throughout 2012 and now employs approximately 1,400 staff members nationwide.
"We are proud of our team and their accomplishments in 2012, but realize that we still have work to do as we continue to grow our market share," said Brian Hale, CEO of Stearns Lending. "Stearns has become a material option for many top tier mortgage professionals in the industry, and we have been fortunate to add key personnel from Bank of America, Wells Fargo, MetLife Home Loans and Nationstar Mortgage. We will continue to provide opportunity for top talent throughout our enterprise."
Headquartered in Santa Ana, California, Stearns Lending, Inc., and its affiliated entities, have provided 23 years of exceptional mortgage lending services throughout the United States where licenses are held. Stearns' business channels include wholesale, retail and correspondent lending; financial institutions mortgage outsourcing services and credit union mortgage outsourcing services.
Stearns is licensed and approved to conduct business in 49 states with HUD (United States Department of Housing and Urban Development). Additionally, Stearns is an approved Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for FNMA (Federal National Mortgage Association), also known as Fannie Mae; and, an approved Seller/Servicer for FHLMC (Federal Home Loan Mortgage Corporation), also known as Freddie Mac. Stearns is also approved for VA (United States Department of Veterans Affairs), USDA (United States Department of Agriculture), and is an approved lending institution with FHA (Federal Housing Administration).
Stearns is recognized as a Top 20 (2012-Q2) Residential Lender Ranked by Total Volume; a Top 20 (2012-Q2) Residential Lender Ranked by Total Number of Loans; the 4th largest Residential Lender Ranked by Wholesale Volume (2012 Q2); a Top 20 (2012-Q2) Residential Lender Ranked by FHA/VA Volume; and has become the 5th largest Privately Held Lender nationwide.* Stearns, as a company, funded $25 Billion over the past three years (representing 100,000+ loans funded "In-house"). Additionally, Stearns has been recognized by Mortgage Technology Magazine as one of its "Top 25 Tech-Savvy Lenders" for two consecutive years (2011 and 2012). Stearns also was named a 2012 Top Work Place by the Orange County Register.
The Company was founded in 1989 by Glenn Stearns and is a privately held company. Mr. Stearns received the Horatio Alger Award and was named Ernst & Young's Entrepreneur of the Year. In addition, he received the Orange County Business Journal - Excellence in Entrepreneurship award.
Stearns Lending, Inc. is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707.
For more information call (800) 350-LEND or visit www.stearns.com.
* Information provided by www.mortgagestats.com
Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20130129006127/en/
KEYWORDS: United States North America California
The article Stearns Lending Soars at Record Pace for Loan Originations in 2012 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.