FORT WAYNE, IN (March 2, 2020) – Ruoff Mortgage, a privately-held company, released some key financial figures today as it relates to their continued growth not only in the mortgage/financial services industry nationwide, but also their planned growth in the Midwest with jobs to handle the influx of business.
The 37-year-old company, owned by president & CEO, Mark K. Music, has seen explosive revenue and loan volume growth not only over the past year, but has been exponentially evolving into a lending powerhouse over the past several years. The company generated $356 million in revenue in 2020, which was up $215 million year over year. Those gains were on top of a 2012-2019 streak of eight consecutive appearances on the INC 500|5000 Fastest Growing Companies in America list. Financial results from CY2020 have the company poised to see the streak extended as it expects to make a ninth appearance on the illustrious list. The full-service residential mortgage lender saw loan volume double as they assisted more than 30,000 individuals and families achieve their homeownership goals. Total loan volume for the year came in at $5.6 billion.
Music attributes the company’s explosive growth in part to the organization’s outstanding culture as well as to the internal investments made on its automation and use of AI within its technology platform, noting, “Those investments have served to boost productivity as well as enhance customer experience, particularly enabling our successful transition to a WFH environment during the quarantine.”
Ruoff has added 215 employees over the past year and expects to see that trend accelerate with the addition of 700 new team members by the end of 2022. The majority of those employees will be based in its Fort Wayne headquarters and will consist of sales, sales support and information technologists as the company continues with its strategy of scaling its fastest growing coast-to-coast channel: online direct to consumer. Current employee count, including Ruoff’s affiliate companies (made up of Centurion Land Title, Accucomp Appraisal Services, Sarma Aviation and Ruoff Insurance), is approaching 1,000 throughout their footprint, with more than 410 of their workforce making up the sales/operations/administration portion of the business that reside in northeast Indiana.
Ruoff has been a significant contributor to the communities in which they serve, with major donations to non-profit organizations such as United Front Initiative, Honor Flight, Minority Entrepreneurship Institute, Easter Seals ARC, Three Rivers Festival and Shepherd’s House. They have a noteworthy partnership investment with hometown and college sports teams, as well as with NHL, NFL, MLB and NBA teams, including designations as the Official Mortgage Partner of the Indianapolis Colts and the Indiana Pacers. Ruoff also holds the naming rights for the Live Nation amphitheater located outside of Indianapolis – Ruoff Music Center.
The company intends to expand on these strategic marketing partnerships in 2021 to remain consistent with their overall growth plans. Kim Murphy, Chief Administrative Officer/SVP of Communications and Client Relations, iterates, “Extending our partnerships and non-profit organization collaborations is an effective way to connect with our customers and communities, while also fostering a deeper connection with our team members.”
Ruoff Mortgage is currently assessing potential locations to accommodate their growth and hope to have an announcement made by late spring of those plans.
By the Numbers:
2019 Top Line Revenue: $140.8 million
2020 Top Line Revenue: $356.2 million
2020 Loan Volume: $5.6 billion (100% increase from 2019)
2020 Employee Count: 910 (an increase of 216 increase from 2019)
About Ruoff Mortgage:
Ruoff Mortgage is a full-service residential mortgage company with 70+ locations throughout Indiana, Ohio, Michigan, Kentucky and Florida and originates in 45 states through their online consumer direct division. They have been ranked on the Inc. 5000 Fastest Growing Companies in America list for eight consecutive years and have appeared in the Top 100 Mortgage Companies in America and Top Mortgage Employer lists by several industry publications. Ruoff Mortgage has a 98.2% customer satisfaction rating, as compiled by CX leader, Customerville. www.ruoff.com