Nonbank Stearns Sees Servicing Jump 55%, Wholesale Grows, Too
Stearns Lending, Santa Ana, Calif., ended the third quarter with $5.8 billion of residential servicing rights on its books, a 503% gain from the same period a year earlier.
According to survey figures provided to National Mortgage News and the Quarterly Data Report, Stearns now services roughly 27,000 loans.
The company also is experiencing strong growth in its lending division as well. In the third quarter Stearns funded $3.1 billion of home mortgages, an 88% improvement over the past 12 months.
A majority of its production—roughly 72%—is sourced through loan brokers.
Wholesale fundings at the privately held firm grew by 63%. Nationwide, it ranks among the top 20 lenders in the U.S.