Advertisement
Total Mortgage Services celebrates record-breaking year
Total Mortgage Services LLC (Total Mortgage) has provided an update on its record breaking 2009 performance, as production volume is expected to set a record by surpassing the $750 million milestone, and the company’s outlook and initiatives for 2010. “2009 has been a very rewarding year for both Total Mortgage Services and our customers. Not only will we generate record origination volume and enhance our retail lending and operational infrastructure, we also delivered exceptional service and value to our customers who were able to take advantage of some of the lowest current mortgage rates in the industry offered by our company,” said John Walsh, president of Total Mortgage Services. “A key factor in our success has been our centralized model, which drives profitable growth and mitigates risk in the lending process. This model enables us to have one of the most efficient end-to-end lending operations that creates significant cost savings that we are able to pass on to borrowers working with TMS in the form of low current mortgage rates and faster turn times.”
2009 performance overview
► Total Mortgage’s loan production is expected to increase by approximately 67 percent to a record of over $750 million in closed loans by the end of 2009, compared to $450 million in closed loans in 2008. The significant increase in production was driven by the historically low interest rate environment for both purchase and refinancing activity and the mortgage originator’s customer centric focus by its experienced team of over 25 retail lending professionals.
► During 2009, the company continued to execute on its mission of responsible lending. For loans originated by Total Mortgage in 2009 the average FICO score was 763, average loan-to-value (LTV) was 66 percent and the average loan amount was approximately $309,000. The lender continues to see demand in the marketplace for quality originations.
► In 2009, Total Mortgage closed mostly agency-eligible mortgages, while jumbo loans made up approximately 15 percent of production and FHA volume was only five percent of overall production. The company believes there is a significant opportunity to increase its FHA production by offering high quality borrowers lower FHA mortgage rates. However, Total Mortgage will not lower its underwriting standards for FHA loans while assisting borrowers to find the right mortgage loan.
Currently licensed in over 20 states, the originator has increased its professional staff to approximately 70 mortgage professionals in Milford, Conn. Many of these professionals have been with Total Mortgage for over eight years and have worked together through numerous mortgage lending cycles helping borrowers close on the right mortgage.
“Our goal is to expand on a strategic and selective basis into attractive markets throughout the country,” said Walsh. “We believe by expanding our geographic footprint, entering the wholesale channel and receiving approval for a Full-Eagle, which will allow us to significantly increase our FHA origination volume, we will be well positioned for continued growth in 2010. Therefore, despite the projected decline in originations in the overall U.S. marketplace, we are projecting our 2010 production volume to increase to over $1 billion.”
2010 initiatives
► Fully implement new Loan Origination System and new accounting software.
► Launch wholesale division in January 2010.
► Finalize approval from the U.S Department of Housing & Urban Development (HUD) to convert to a Full-Eagle, or non-supervised lender.
► Expand geographic footprint by securing licenses in an additional five to 10 states with high potential for quality business. Application pending with the state of Pennsylvania.
► Hire additional high quality and experienced mortgage professionals to production and operational/compliance teams.
► Expand Realtor Partner Program after assessing recently completed pilot launch in Connecticut.
Launch new and improved company Web site in January 2010.
For more information, visit www.TotalMortgage.com.
About the author