U.S. Bank Home Mortgage said Tuesday that it had reached a milestone in mortgage servicing when it crossed $100 billion in volume on Thursday, Jan. 4. The company will celebrate with employees at its servicing centers on Wednesday, Jan. 10. U.S. Bank ranks sixteenth among mortgage companies in the United States in terms of its servicing portfolio, and in the top 20 in mortgage originations.
The $100 billion milestone compares to $52 billion just five years ago in 2002, and approximately $17 billion serviced in 1999. â€œOur portfolio growth was accelerated over the past several years primarily from the expansion of our mortgage production channels,â€? said Bob Smiley, executive vice president of servicing for U.S. Bank Home Mortgage. â€œWe have had minimal operational disruption due to a relatively small number of purchases and acquisitions. This milestone is a testament to our employees who have all worked extremely hard to greatly increase our efficiency.â€? There are 675 employees who work in the servicing division of U.S. Bank Home Mortgage. The servicing group is based in Owensboro, Ky., with centers in Cleveland and Bowling Green, Ky., and satellite centers in Little Rock, Ark., Milwaukee and Minneapolis.