In March 2011, Excel expanded into the pacific northwest of the U.S. by opening a regional production office in Lake Oswego, Oregon, along with other offices throughout Oregon, Washington, and Idaho. Excel hired an experienced senior management team along with regional sales and operational staff for those offices. With this regional production office, Excel has a mortgage origination presence throughout the West Coast and in the Midwest and has plans to open a Gulf Coast regional office in Baton Rouge, Louisiana.
The Company was also successful in fully satisfying the $6.6 million outstanding balance of its last remaining significant obligation associated with the previously discontinued non-conforming residential lending operations. The full satisfaction of this obligation results in the termination of all associated covenants, conditions and restrictions.
In 2009, the Company created an integrated services platform to provide solutions to the mortgage and real estate markets. In 2010, the Company has further developed and enhanced its integrated services platform in providing services to investors, portfolio managers, servicers and individual borrowers primarily by focusing on loss mitigation and performance of our own long-term mortgage portfolio. The development of these business activities focuses on vertical integration of a centralized platform to operate synergistically to maximize revenues and profits. During 2010, the Company has expanded the mortgage and real estate service revenues by 33% to $56.4 million in 2010 from $42.3 million in 2009.
For the years ended December 31, 2010 and 2009, mortgage and real estate services fees were as follows:
|For the year ended December 31,|
|Real estate services and recovery fees||22,064||10,148|
|Title and escrow||16,786||7,539|
|Loan modification fees||11,741||17,525|
|Portfolio service fees||5,814||7,064|
|Total mortgage and real estate services fees||$||56,405||$||42,276|