A pandemic, historically low interest rates, and the completion of our full eClosing solution all made for an interesting year – and culminated with our highest annual loan volume to date.
We recently were named on Scotsman Guide’s “Top Mortgage Lenders” list for our loan volume in 2020. This marks the fifth consecutive year that we have been included on this prestigious list – but, unlike previous years, 2020 was an anomaly. Despite every trial that we faced, our team was able to overcome the difficulties and pull off a record year.
To celebrate our 2020 loan volume achievements, we decided to take an inside look at what made 2020 both challenging and inspiring. And who better to ask than our own sales team? As the first point of contact for our customers and business partners, our loan originators saw firsthand how homebuyers and homeowners were impacted in 2020.
What was unique about the mortgage origination business in 2020?
Two words: refinance boom. Although we are primarily a purchase-focused lender (this allows us to remain successful even when interest rates fluctuate up and down), we saw a huge surplus of refinance business in 2020. Many homeowners took advantage of the historically low rates and refinanced their mortgages. So, while our purchase business remained steady, our refinance transactions multiplied dramatically in 2020.
How did our full eClosing solution play an important role in 2020?
While we had already implanted our hybrid closing solution and were already moving toward a full eClosing process prior to the pandemic, our new technology became even more crucial in 2020. With social distancing and a need for virtual/remote options, our full eClosing solution was a hit with our customers – and will continue to be a convenient, efficient option for homebuyers.
What role did we play in helping our customers reach their homeownership goals?
More than 19,000 families and individuals financed their home purchases or refinance their mortgages through us in 2020. It was a life-changing year for most people, and having the security of their own home – and the financial peace of knowing they had equity in a home – was uplifting for many of our customers. As some Americans struggled with unforeseen financial changes and job losses, our services took on a whole new meaning.
“We had a buyer who decided to retire the week before our closing, and her retirement and social security weren’t going to start for a couple months after our close date. So, we did an asset depletion loan and still were able to get it done on time.”
– Nathan Jensen, Loan Originator, Gilbert, AZ
How did we support our own sales team throughout 2020?
Keeping up with record loan volume was no easy task – especially with a mostly remote workforce. But we knew our customers were counting on us, and our team pulled through and worked diligently to close our loans on time.
What’s next for us?
More home loans, of course! If you’re thinking about purchasing a home or refinancing your mortgage, find a Waterstone Mortgage loan originator to make your experience easy-peasy. If you’re looking for a new place to call your “professional home,” check out our career opportunities.
