Open Mortgage Doubles Volume Production And Loan Unit Counts In Two Years
Multi-channel mortgage lender Open Mortgage, more than doubled its volume and unit counts in 2020, compared to 2018. The company had a total loan volume production of $1.68 billion and 7,543 units in 2020, funding 1,816 reverse loans with a volume of $401 million.
Open Mortgage attributed the increase in volume and unit counts to record-low interest rates and the increase in homeowner loan adoption, according to a press release. The company intends to build on the momentum it saw in 2020 even as rates have risen in the past two weeks.
"Open Mortgage’s growth over the last few years, in particular, has been exceptional," said Scott Gordon, founder and CEO of Open Mortgage. "Amidst these unprecedented times, the company has maintained its focus on the borrower to ensure the best experience possible while maintaining a strong culture of ethics, integrity and compliance. Combining technology, process improvement and talent development, we’re poised to continue our momentum."
As part of Open Mortgage’s talent development strategy and in efforts to further expand their national coverage and mortgage origination capabilities, in 2019 after Live Well Financial ceased operations, Open Mortgage hired their core team of mortgage lending executives as well as approximately 50 sales and operations employees, according to the release. The company also recently appointed Lucas Allen to the new role of senior vice president of Forward Operations, where he will oversee the mortgage production process for all forward loans.
Open Mortgage operates 65 retail branches, employs nearly 400 employees and utilizes a wide network of trusted third-party originators and vendor partners.
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