Total Mortgage Has Record Origination Year
Total Mortgage Services said it expects to originate a company-record $750m in mortgages in 2009. It’s a 67% increase from 2008’s level of $450m in originated loans for the Milford, Conn.-based lender, which originates mortgages in more than 20 states. Total Mortgage credits low interest rates for the boost in both purchase and refinance activity. “2009 has been a very rewarding year for both Total Mortgage Services and our customers. Not only will we generate record origination volume and enhance our retail lending and operational infrastructure, we also delivered exceptional service and value to our customers who were able to take advantage of some of the lowest current mortgage rates in the industry offered by our company,” said Total Mortgage president of services John Walsh. The company’s customers had an average FICO score of 763 and its mortgages had an average loan to value (LTV) of 66% and average amount of $309,000. About 80% of the firm’s loans were eligible for purchase by the government-sponsored enterprises. Jumbo loans accounted for 15% of originations and Federal Housing Administration (FHA)-insured loans accounted for 5% of overall production. Next year, the company said it plans to institute a number of new initiatives, including a the launch of a wholesale division, conversion to a “Full Eagle” Department of Housing and Urban Development (HUD) non-supervised lender, expanding operations to as many as 10 new states and implementing a new loan origination system and accounting software. The company set a goal of $1bn in originations. “Our goal is to expand on a strategic and selective basis into attractive markets throughout the country,” Walsh said. “We believe by expanding our geographic footprint, entering the wholesale channel and receiving approval for a Full-Eagle, which will allow us to significantly increase our FHA origination volume, we will be well positioned for continued growth in 2010.” Write to Austin Kilgore.