Cunningham & Co. expanding mortgage operations

The mortgage industry may be contracting, but Greensboro-based Cunningham & Co. says it has added to its mortgage sales force in Charlotte and is opening three new offices this month.

Lately, the headlines have been filled with news of lenders large and small shrinking their mortgage business and laying off workers. Rising interest rates have slowed a flood of refinancings to a trickle.

But even in the flush times, new home purchases made up 70 percent of Cunningham's mortgage volume. That's since bumped up to 82 percent.

"We certainly benefit from refinance activity, but our model is focused on the Realtor community, the builder community, past customers, and referrals we get from those sources," CEO Hank Cunningham said Thursday.

Cunningham said the current environment made it even more imperative for the company to expand into new markets. Two new offices in Tennessee and a new office in Chapel Hill will likely pave the way for more expansion into South Carolina and Virginia.