McLean Mortgage Corporation announced that the company closed $365 million (1,065 loans) in mortgages in the second quarter of 2014. This production level was up 74 percent from the first quarter of the year when the company closed $210 million (660 loans) in mortgages. The purchase share of production reached 83 percent in the second quarter while the industry averaged approximately 59 percent purchase share according to the Mortgage Bankers Association (MBA).
Recently, the MBA forecasted that industrywide residential loan volumes increased 18% from Q1 to Q2, which is less than 25 percent of the rate of McLean Mortgage’s increase. In addition, the industry average decrease year-over-year was 50 percent from the second quarter of 2013 to the second quarter of 2014, while McLean Mortgage volume decreased at half that rate.
“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," said Pat Peavley, CEO of McLean Mortgage Corporation. "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."
McLean Mortgage now has 230 employees, which is up from 195 during the second quarter of 2013.
“Application volume also increased in the second quarter and our larger pipeline bodes well for a continued increase in closings for the third quarter as well," said Nathan Burch, president of McLean Mortgage.
The company also announced the hiring of Gil Lunsford to head their Fairfax sales team. Gil has over three decades of industry experience as a producer and manager in the Northern Virginia Area. Lunsford will build a sales team while working out of McLean Mortgage’s corporate office.
“I was truly impressed with the success McLean is having in our market and their on-boarding process for new employees is first-class,” said Lunsford.