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Stearns Reports Company Record in Originations and Fundings for Two Consecutive Months, Resulting in All-Time Best Quarter
Santa Ana, Calif., April 10, 2006 --
Stearns Lending, Inc., ("Stearns") a privately owned mortgage company, today announced results for its 2006 first quarter, reporting the highest revenue in the Company's sixteen year history. Stearns wholesale revenue increased 31% during Q1 of 2006 over the corresponding quarter for 2005 and 138% over the same period in 2004.
"Stearns is experiencing strong growth in all four of its lending channels: wholesale, consumer retail, direct response retail, and credit unions," said Bob Telles, Stearns' Chief Financial Officer. "All divisions are experiencing increased revenue and profit margins remain strong."
"Times have changed in the mortgage business. Higher interest rates have reduced the available 'pie,' triggering fierce competition. Mortgage bankers need to be tough in order to survive these new realities," said Doc Baldwin, Mortgage Industry Expert, Managing Partner at Ritchey May Baldwin, LLC, a Denver based consulting firm specializing in secondary marketing and risk management. "Stearns Lending has positioned itself well, not only to be a survivor but to flourish when others are floundering. Enhancing the volume/profit equation this quarter demonstrates their balanced approach to channel and product diversification. Their flexible management and leadership demonstrates that well run mortgage banks can thrive in a down market."
Stearns beat the historical company record for fundings and originations in February 2006 and again in March 2006. In 2005, the company reported over $2 Billion in loan volume and launched a national retail lending division specializing in direct response home equity loans.
"This is a direct result of our talented workforce and broker partners, whom we consider the best in the industry. Breaking an all-time record in February, the shortest month of the year, is a tremendous achievement for us," said Stearns' Founder and Chairman, Glenn Stearns. "We will continue to focus on growing our talent pool and providing the compelling service and value that our customers have come to expect."
"The fact that Stearns has enhanced their market position while many mortgage bankers have seen declining volume demonstrates Stearns' ongoing ability to execute a winning formula -- providing the right loan products, with the best service, at the right time," said Scott Blattman, Regional Manager of The MILI Group, a national real estate and mortgage company in Costa Mesa, CA. "Stearns Lending has consistently given me the ability to provide my customers the best financing options that meet or exceed their lending needs."
About Stearns Lending:
Founded in 1989, Stearns Lending, Inc., (www.stearnsleading.com), a division of Stearns (www.stearns.com), is a privately-owned mortgage company headquartered in Orange County, CA. Stearns provides a full range of real estate financing services that include wholesale mortgage lending, retail mortgage lending, credit union, escrow and settlement services. |
