Although some mortgage lenders are seeing a noticeable decline in originations and have even cut staff, Union Bank of San Francisco is coming off its best production quarter ever.
"We did about $2 billion in the first quarter," said Craig Cole, manager of the bank's residential lending division. "That's a record for us."
He added that even with rates ticking up, "business is booming." Cole believes that some home buyers now fear that rates will keep rising and are rushing to buy.
In 2010, Union originated about $4.8 billion in residential loans.
The Japanese-owned bank funds mortgages through the retail and wholesale channels with about 70% of its production coming through loan brokers as measured by dollar volume (as opposed to units.)
Cole noted that business has been so strong that the bank hired about 15 new retail LOs in March. In February it hired eight wholesale account executives. "We've also hired support staff and managers," he said.
