Residential Mortgage Services Loan Volume Increases 70% to $8.5 Billion in 2020
Record-breaking year driven by significant gains in productivity through technology and collaboration of sales and operational teams during unprecedented circumstances caused by COVID-19
SOUTH PORTLAND, Maine, Feb. 3, 2021 /PRNewswire/ -- Residential Mortgage Services Inc. (RMS), a leading independent retail, purchase-focused mortgage lender, serving primarily the Northeast, Mid-Atlantic and Eastern Seaboard markets, today announced the company generated record mortgage loan volume of $8.5 billion in 2020, a 70% increase compared to $5 billion in 2019 and a 118% increase versus $3.9 billion in 2018.
"Our team members remain the driving force behind RMS' record-breaking production volume of $8.5 billion," said James Seely, President and Chief Executive Officer of RMS. "Despite numerous challenges caused by the pandemic, we quickly transitioned nearly all team members to a remote work environment for their safety and embraced our digital tools, including RMS Ready, to deliver a customer experience that features both automation and human interaction. Throughout 2020, our loan officers were fully supported by an integrated operations team that is committed to the highest level of customer service and delivering value to customers throughout the mortgage process. I am extremely proud of the amazing collaboration, adaptability and effort demonstrated by all of our team members in 2020."
Mr. Seely added, "In 2021, we remain focused on achieving our mission of helping guide our customers home by offering a frictionless origination experience and giving back to the communities in which we operate."
2020 Highlights
- Generated record origination volume of $8.5 billion compared to $5 billion in 2019 and $3.9 billion in 2018.
- Closed nearly 31,000 loans compared to 19,500 loans in 2019 and 17,000 loans in 2018.
- Purchase loans represented 58% of total volume, significantly higher than estimated 40% purchase industry average.
- Average production per loan officer was $34 million, significantly above industry averages.
- Customer satisfaction ratings continue to surpass industry-level national benchmarks:
- RMS Customer Satisfaction Rating: 94%
- Likely to Use Again RMS Customer Rating: 95%
- Likely to Recommend RMS Customer Rating: 95%
- Achieved one-month funding record of $943 million in August.
- Added 119 new employees and 44 college students for an intern program, resulting in nine interns becoming full-time employees in an effort to develop the next generation of mortgage industry employees and leaders.
- Successfully transitioned almost all 863 employees to remote work. All Operations employees, including Underwriting, doubled their productivity from 2019, shattering industry benchmarks.
- Named a Top Mortgage Employer by National Mortgage Professional and Home Possible RISE Award recipient.
- #1 Purchase Market Share in ME and NH; #2 Purchase Market Share in RI; #3 Purchase Market Share in MA.
- Named MassHousing #1 Lender; PA USDA-RD Top Lender Award.
- Contributed more than $75,000 to local charities focused on housing, hunger and well-being, amounting to more than 30,000 meals to those in need, and rewarded 40 employees with $100 each to give to a charity of their choice in November.
- Welcomed nearly 60 loan officers to the President's Club, meaning they closed more than 100 purchase loans or achieved the top 25 in units or volume.
In response to the COVID-19 pandemic, RMS leveraged its RMS Ready mobile app and web portal, which allows homebuyers to easily apply for a home loan, securely upload documents and stay up to date on their loan status. The app is paired with an experienced local loan officer, providing all the conveniences of cutting-edge technology along with a personal touch. The combination of the app with the local loan officer offers a simplified prequalification process and provides customers with a quick way to connect with their mortgage teams, apply for a mortgage, and receive active, timely updates throughout the process.
"Our success this year is a testament to the strong partnership between our sales and operations teams," said Robin Hawley, Senior Vice President of Business Operations of RMS. "Throughout the year, our leadership team across various departments had daily interactions to ensure open lines of communication for quick answers on questions and real-time course-correcting to deploy additional resources where needed. This process allowed RMS employees to work cross-functionally and serve the needs of our customers in the most efficient manner. We also placed a priority on recognizing and rewarding the incredible extra efforts of our employees, all of whom really appreciated periodically receiving gift packages at home ranging from cookies to gift cards to iPads."
About Residential Mortgage Services
Residential Mortgage Services, headquartered in South Portland, Maine, was founded in 1991. Currently, RMS employs more than 850 employees companywide, with approximately 247 loan officers and is a licensed lender in 23 states and the District of Columbia, with brick-and-mortar retail branch offices throughout 14 states. RMS offers a wide range of mortgage products including conventional purchase and refinance home loans, as well as VA, FHA, USDA-RD and many state-sponsored loan programs. For more information on RMS visit the company's website at www.rmsmortgage.com.
SOURCE Residential Mortgage Services
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