The Dec. figure marks a 25% increase over its Nov. total of $160 million, and a whopping 800% jump above the August 2000 figure of $24.7 million.
The news is a milestone for the company -- a "180 degree turnaround," according to its president and CEO Scott McAfee from the industry heyday of 1998 when it last achieved the $200 million range and had 1,300 employees with dozens of nationwide branches.
In its present incarnation, as a wholly Internet-based lender, the company has been able to achieve the $200 million level and simultaneously achieve extraordinary efficiencies, by leveraging its proprietary automated underwriting and loan "decisioning" systems. WMC's current workforce totals less than 270.
McAfee also said that even with the dramatic increase in business, the company's average time to fund, from receipt of the loan application, is still in the 14-16 day range.
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