Growth comes as the company increases its focus on non-QM and fix-and-flip
Illinois-based Diamond Residential Mortgage Corporation (DRMC) has announced that it crossed the billion-mark in 2021.
The mortgage banking company, which has 30 branches across the US, said it had produced over $1 billion in loan volume for the second year in a row.
“We had an excellent 2021, as we executed on our mission of caring for each employee, customer, and loan. Our dedication to that mission led to a second straight year of closed loan volume records,” said Paul Diamond, president and chief executive officer of DRMC. “Looking forward, we are confident that our continued investment in technology, as well as the continued expansion of our product offering, will lead to an even stronger 2022.”
Diamond Mortgage also expanded its product offerings last year to include renovation and non-QM loans – increasing its focus on building out digital channels and new relationships with builders and realtors through ABA opportunities.
Read more: Housing Industry Icon reveals winning non-QM strategies
The company said that these strategies have not only “softened the effect of the changing market in 2021, but they laid the groundwork for continued success in the coming years.”
“2021 was extremely eventful for the mortgage industry as we saw rates begin to increase later in the year with rate and term refinances dramatically dropping in volume in the Q3 and Q4,” said Richard Smith, executive vice president of national production. “However, Diamond Residential Mortgage’s continued focus on purchase business kept the company somewhat insulated from this major market shift.”
