Stearns Posts $1.3 Billion Funded Production for October 2012; Reports All-Time Records in Overall Monthly, Quarterly and Yearly Production
Stearns Lending, Inc., a leading privately held nationwide lending institution encompassing Wholesale, Retail and Correspondent business channels, announced today that they have surpassed the $1.3 Billion mark for monthly funded production for the month of October, 2012.
“Our tremendous growth has been spearheaded by the talents and dedication of our Outrageously Talented® Stearns Lending Team,” said Glenn B. Stearns, the Company's Founder and Chairman. “Their hard work and perseverance has allowed the company to become a dominant competitor Nationwide and we look forward to continuing on this path into 2013.”
In addition to their October 2012 funded production milestone, Stearns reports Q3 2012 funded production of $3.150 Billion, which is a 93% increase over Q3 2011. YTD production totals $9.4 Billion which exceeds all 2011 production by 67%. During 2012, the company has averaged 130% growth in every quarter, compared to the comparable quarter of 2011.
“Our growth in all channels has provided us exceptional momentum moving into the end of the year,” said Brian S. Hale, the Company's CEO. “We will continue to focus our efforts on providing a consistent product and experience to all of our customers, and look forward to utilizing this momentum to grow additional profitable market share. We have been overwhelmed by the number and depth of talent which has approached us in all channels and disciplines. Stearns has clearly become a material option for some of the top talent in the industry.”
About Stearns Lending, Inc.
Headquartered in Santa Ana, California, Stearns Lending, Inc., and its affiliated entities, have provided 23 years of exceptional mortgage lending services throughout the United States where licenses are held. Stearns business channels include wholesale, retail and correspondent lending channels; and credit union mortgage outsourcing services.
Stearns is licensed and approved to conduct business in 48 states with HUD, (United States Department of Housing and Urban Development). Additionally, Stearns is a Ginnie Mae Approved Single Family Issuer (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae, (Federal National Mortgage Association) also known as Fannie Mae; and, an approved Seller/Servicer for FHLMC, (Federal Home Loan Mortgage Corporation) also known as Freddie Mac. Stearns is also approved for VA, (United States Department of Veterans Affairs); USDA (United States Department of Agriculture); and is an approved lending institution with FHA, (Federal Housing Administration). Stearns also provides Jumbo, Conventional and Portfolio loan products.
Stearns is recognized as a Top 20 (2012-Q2) Residential Lender Ranked by Total Volume; a Top 20 (2012-Q2) Residential Lender Ranked by Total Number of Loans; the 4th largest Residential Lender Ranked by Wholesale Volume (2012 Q2); a Top 20 (2012-Q2) Residential Lender Ranked by FHA/VA Volume; and has become the 5th largest Privately Held Lender nationwide.* Stearns, as a company, funded $24 Billion over the past three years (representing 98,000+ loans funded “In-house”). Additionally, Stearns has been recognized by Mortgage Technology Magazine's as one of its “Top 25 Tech-Savvy Lenders” for two consecutive years (2011 and 2012).
The Company was founded in 1989 by Glenn Stearns and is a privately held company. Mr. Stearns received the 2011 Horatio Alger Award and was named Ernst & Young's 2003 Entrepreneur of the Year. In addition, he received the Orange County Business Journal – 2007 Excellence in Entrepreneurship award.
Stearns Lending, Inc. is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707.
For more information call (800) 350-LEND or visit www.stearns.com.
* Information provided by www.mortgagestats.com