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RPM MORTGAGE HAS RECORD BREAKING PRODUCTION IN 2010
Although the housing industry continues to be hammered with regulatory changes, RPM was able to use its competitive edge which resulted in its best production year yet, with closing originations over $4.5 billion, an increase of 12 percent more than 2009!
Rob Hirt, CEO of RPM Mortgage, is extremely pleased by his company’s success and prided his loan agents on their selling abilities and perseverance.
“At the end of the day, our success in 2010 was primarily due to a seasoned sales force of professional loan officers who are squarely entrenched within our community,” said Hirt. “This is an example of local businesses supporting one another!”
There were 10,871 loans closed in 2010, with an average loan amount of $385,000. RPM’s internal mortgage bank funded an astonishing 89 percent of all the loans closed this past year, with the other 11 percent going to outside lending partners mainly because of the lack of Jumbo loan liquidity available.
In 2010 RPM also launched a new division called RPM Loan Servicing, which gets direct pricing from Fannie Mae and retains the servicing on Fannie Mae loans closed through RPM’s internal mortgage bank. The division has only been open for 9 months but still managed to close over 25 percent of RPM’s overall production last year, amounting to over $1 billion in loans serviced.
With rates being as low as they were this past year, it is not surprising that over 60 percent of the loans closed in 2010 were refinances. However, even with all the government stimulus programs available, over 80 percent of the loans closed were still conventional loans, not taking advantage of the low down-payment options available through Federal Housing Administration (FHA) loans.
RPM successfully recruited 17 branches in 2010 and over 100 new loan agents, who greatly contributed to 2010’s overall success. Over the past year, RPM expanded into new territories such as Colorado, Idaho, and Connecticut, with many new developments on the way.
RPM Mortgage, Inc. is based in Walnut Creek and is a private family-owned mortgage bank and broker whose roots in the Bay Area stem back to 1986. RPM has 42 branches in California, Nevada, Texas, Idaho, Colorado and Connecticut and over 700 loan agents and employees. RPM’s loan agents are specially trained to offer FHA, VA and CalSTRS loan programs to their customers. They work with borrowers, realtors, CPA’s, financial planners, attorneys and financial consultants to provide home buyers with the best financial solutions in the market today.