USA/DAS Hits $1 Billion Year Due to Shift to Purchase

USA Mortgage/DAS Acquisition Co. LLC finds purchases are filling in the gap as rates have risen and refinances have dwindled in lines with national trends, and it has already broken the $1 billion mark it has set as a key benchmark in recent years.

“We’ve seen purchase loans decisively outpace refinancing loans by a two-to-one margin in July and August,” said DAS Acquisition president and CEO Doug Schukar, whose company is the corporate parent of the Creve Coeur, Mo.-based USA Mortgage and lays claim to the title of largest mortgage bank in the metro St. Louis area.

Schukar said in a press release that the percentage of purchase loans and refinances has changed dramatically over the summer compared to the first six months of 2013, when approximately 60% of our volume was refinance business and 40% new purchase loans.

USA currently operates 15 offices in Missouri, Illinois and Iowa and its volume has now topped $1 billion for five consecutive years.