Residential Mortgage Services posts “record-breaking” 2020 results

by Candyd Mendoza04 Feb 2021

Residential Mortgage Services (RMS), a retail home lender, reported a “record-breaking” 2020 fiscal year, with production volumes soaring to $8.5 billion.

The South Portland, Maine-based mortgage company announced Wednesday that it generated a record mortgage loan volume of $8.5 billion last year – a 70% gain from 2019’s $5 billion and up 118% from the $3.9 billion 2018. In August alone, RMS achieved a record $943 million in funding.

“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,” said James Seely, president and CEO of RMS. “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.”

RMS originated roughly 31,000 loans, with purchase loans accounting for 58% of total volume – higher than the estimated 40% purchase industry average. The firm claims that it has the biggest purchase market share in Maine and New Hampshire, ranked top 2 in Rhode Island, and top 3 in Massachusetts.

Over the past 12 months, RMS has onboarded 119 new employees and added 44 college students for an internship program. The lender has also transitioned almost all of its 863 employees to remote work.

“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.”