McLean Mortgage Corporation has announced that the company closed more than $596 million in mortgage volume during the third quarter of the year. This represented an increase of nearly 20 percent compared to the record production levels achieved in the second quarter of this year, and an increase of more than 75 percent over the third quarter of 2015. Production for the third quarter was comprised of 62.3 percent purchases and 37.3 percent refinances.
Forecasts from the Mortgage Bankers Association (MBA) have projected a 32 percent increase in production from the third quarter of 2015 to the third quarter of 2016. The MBA has also forecasted that the purchase share of residential originations will be 53 percent for the third quarter of 2016.
“Our year-to-date production of $1.4 billion-plus puts us on target to far exceed the company’s record annual production levels of $1.5 billion in 2012 and 2013,” said McLean Mortgage said President Nathan Burch, CMB. “Every year, we have exceeded industry averages for production growth and percentage of purchase volume. We have been able to achieve these levels of growth without purchasing companies or branches, because we have grown through word of mouth and referrals each year.”
McLean Mortgage Corporation has been a “Top Mortgage Employer” by National Mortgage Professional Magazine. In 2014, McLean was also named an Inc. 500/5000 company for its growth record during the previous three years. In addition, the company was cited as the ninth largest lender in the Washington, D.C. metropolitan area by The Washington Business Journal.
“I am often asked why McLean has been able to achieve this level of growth purely by referral, and the answer is clearly the level of service we have been able to achieve. During these record high levels of production this summer, our customer surveys have shown that over 99 percent of our customers would recommend us to their friends and family,” said Pat Peavley, CEO of McLean Mortgage. “In addition, our time-to-closing averages have averaged 20 percent less than industry average post-TRID, according to data published by Ellie Mae. In my opinion, 99 percent is an incredibly important statistic, which epitomizes how we have differentiated our company within the industry.”
