ARCS Mortgage’s Profit in Quarter Up Record 233%

ARCS Mortgage Inc., a Canoga Park-based mortgage banker, reported first-quarter net income of $1.1 million, up 233% from $460,000 a year ago. ARCS reported that it originated 1,250 loans totaling $105.2 million, up 15%.

Both the figures on profit and loan origination were record highs.

“Decreasing interest rates have caused an avalanche of borrower loan applications within the past 90 days, and we’ve significantly increased our staff of appraisers and loan processors to deal with the increased volume,” said Howard J. Levine, ARCS president.

ARCS said the new loans have translated into more fee income and higher profit for the company.

ARCS, a 16-year-old affiliate of the Bank of New York, has 27 offices in California, Hawaii, New York and Washington. It plans to open more offices in California and New York within 90 days. It services about 40,000 loans totaling $2.2 billion.