In spite of the Persian Gulf war and the recession, Salt Lake City-based Crossland Mortgage Corp. closed $1.4 billion in residential mortgage loans in 1991, a record.
Christopher J. Sumner, president, said that in addition to a record loan origination year, Crossland's servicing portfolio increased by almost $1 billion last year. With $1 billion of loans already in its pipeline for 1992, Sumner anticipates another record year."If rates stay in the single digits we should easily produce more than $2 billion in loans for 1992," said Sumner, noting that Crossland is celebrating its 100th birthday this year. The company was founded in 1892 and, with 29 offices in 10 states and 450 employees, is one of the largest mortgage companies in the United States.
Crossland has three branch offices in the Salt Lake Valley, which had a record loan origination year in 1991. These three offices account for 10 percent of the company's production. The Salt Lake office generated 700 loans worth $531 million last year.
Sumner also announced that Char Golay and Brady Hartzog of the Salt Lake office received President's Club Awards for producing $8 million and $7 million, respectively, in mortgage loans.
Linda Alders, manager of the Salt Lake branch, received an award for having the most outstanding branch of the 29 in the system.