SitusAMC — a third party review firm that provides real estate solutions for valuation service, title services, broker services and more — recently announced the firm hired more than 1,500 employees to boost capacity support for both originations and secondary market due diligence. The expansion is expected to expedite the flow of loans into private-label securities.
The sale of mortgage products soared throughout 2020. According to the Mortgage Bankers Association (MBA) $4.3 trillion in mortgages originated in 2020, including $1.5 trillion in purchase loans – the biggest volume since 2005. There was also an all-time high of $2.8 trillion in refinances.
Freddie Mac estimates that loan production volumes will remain elevated throughout 2021 with an estimated $3.9 trillion in total production. This boom resulted in industry-wide shortages in due diligence capacity. This is especially true for the secondary market where billions of dollars of private-label mortgage portfolios heading for securitization are awaiting review, with months-long wait times in some cases.
Through rapid and aggressive hiring, SitusAMC plans to beef up capacity to meet the high demand of consumers in today’s market.
"Our increased capacity is now poised to enable a broader pool of market participants to leverage SitusAMC's solutions,” said Tom Britt, executive managing director and head of residential real estate, “— including the review of mortgage portfolios for rated securitization transactions or for acquisition of loans into investment portfolios.”
SitusAMC's dedicated capacity teams are custom built to satisfy client-specific needs, while also providing industry-leading service to sellers and internal stakeholders. Additionally, since market demand is so high and unprecedented, SitusAMC's increased capacity will support “transactional” assignments, allowing clients to increase their capacity needs and providing them the ability to execute short-duration assignments.
