Stearns Lending Inc. reached significant milestones in 2013, one of which was being ranked the number one Wholesale Residential Lender by Inside Mortgage Finance. In 2013, the company’s Wholesale Division achieved:
►Record-breaking total wholesale funding volume of $9.8 billion, an increase of 10 percent over 2012.
►Growth in purchase loan share, with a 41 percent of total funded volume in 2013, as compared to 28 percent in 2012; and 54.3 percent of total funded volume in the fourth quarter of 2013.
►Market share growth of 51 percent over 2012, capturing 5.2 percent of wholesale lending market share in 2013, as ranked by Inside Mortgage Finance, and 6.7 percent wholesale market share in the fourth quarter of 2013.
“Our commitment to wholesale lending and industry leadership in this production channel fueled the achievement of this significant milestone in 2013,” said Glenn Stearns, founder and chairman of Stearns Lending.
Michael Royer, EVP national director of wholesale, said, “A tremendous ‘thank you’ goes out to all our brokers for their support, feedback, and integral role in Stearns’ achievement as the nation’s leading wholesale lender."
In addition to its accomplishment in the Wholesale mortgage market, Stearns’ recent achievements and 2014 focus include:
►Strategic focus on increasing retail channel growth, including hiring of seasoned retail executive, Tom Hunt, to lead the retail expansion effort focused on builder and real estate agent purchase loans.
►Significant growth in strategic business relationships with other mortgage industry participants which is expected to lead to increased purchase mortgage volume. Recently, Stearns has established joint ventures with three industry partners and has executed a Term Sheet with another, which partners through similar ventures existing with other lenders, originated in the aggregate more than $2 billion in retail mortgage loans in 2013.
►Material servicing portfolio growth with $25 billion in mortgage servicing rights UPB as of February 2014, compared to $ 1.4 billion in March 2012.
►Infrastructure developed to support correspondent channel growth during 2014 under leadership of Kathleen Vaughan, a recognized industry veteran.
“As the mortgage market underwent rapid change during the latter half of 2013, the Stearns leadership team pre-emptively implemented sound strategies that enabled us to experience controlled growth, and increase market share during a period when all lenders faced challenges,” said Brian Hale, CEO of Stearns Lending. “Stearns has devoted extensive resources to enhancing its technology, support, and services infrastructure across all channels in order to ensure that we provide our customers the best service available. The industry will continue to see an increased diversification of our origination channels, which includes further expansion of our already strong presence in the retail channel.”