The diversified Miami-based holding company announced Friday Alternative originated about $26 million loans in March--the highest monthly loan origination volume to date.
Based on that performance, the publicly traded parent company expects the subsidiary operation to exceed original internal forecasts for the second quarter ended Dec. 31. Company financials should be available no later than mid-May.
While declining interest rates are fueling the growth, the company also cited an increase in loan referrals and leads for the increase in mortgage originations. In light of the favorable lending climate, the company disclosed it is originating one-year and three-year adjustable-rate mortgages as low as 5.5% and 30-year fixed-rate mortgages as low as 6.875%.
Disclosure of the performance comes as the company continues to dispute a trial-court legal challenge by the former founder of the mortgage lending operation. R. Jeffrey Mertz, who founded the eight-state retail mortgage and brokerage company in 1993, argues Whitehall breached contracts related to the acquisition last year of Alternative Lending. Officials at Whitehall have disputed the allegations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
