Local branch helps USA Mortgage top $1B

In August, St. Louis-based mortgage bank DAS Acquisition Co. LLC/USA Mortgage crossed the $1 billion threshold in loan volumes for the eighth consecutive year, thanks, in part, to an increasing contribution from its Springfield branch.

The local office is poised to cross the $100 million mark for the first time since opening in 2011. In 2015, the Queen City branch generated 727 loan closings valued at $98.4 million, according to a news release. Through the first nine months of 2016, the branch already had closed 679 loans valued at $96.6 million.

Branch manager Steve Kitrel projects the office will end 2016 with loan volume of $125 million, a 25 percent increase.

“When we hung out our shingle in 2011, home lending in Springfield was ruled by the local banks,” Kitrel said in the release. “As increasing federal regulation and oversight radically changed the landscape of mortgage lending, we have been incentivized to be more nimble and efficient since home loans are all that we do.”

Nationally, DAS/USA Mortgage is licensed in 17 states and employs more than 400 home loan professionals. The company posted loan volume of $1.42 billion in 2015. President and CEO Doug Schukar projects USA Mortgage will eclipse the $1.6 billion mark in 2016.


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