Home loan production sank during the final three months of last year at Mortgage Master Inc. The lender trimmed staffing.
Residential loan originations at the Walpole, Mass.-based lender totaled 2,866 loans for $0.897 billion, according to the Mortgage Daily Fourth Quarter 2013 Loan Origination Survey.
Business slowed from 4,234 home loans closed for $1.358 billion during the three months ended Sept. 30, 2013.
Mortgage production has plummeted from the fourth-quarter 2012, when Mortgage Master generated 6,855 loans for $2.105 billion.
During all four quarters last year, 16,875 loans were originated for $6.236 billion. Business fell short of 2012, when 23,809 loans were closed for $7.306 billion.
Mortgage Master doesn’t report a loan servicing portfolio.
As of Dec. 31, 2013, Mortgage Master employed 700 people. Staffing was reduced from 764 employees at the end of the third quarter and 705 at the end of 2012.
