Residential loan production during the final three months of last year tumbled at Navy Federal Credit Union. The financial institution, however, increased annual activity and managed to grow its mortgage servicing portfolio last year.
Home loan originations from Oct. 1 through Dec. 31 totaled 7,482 loans for $1.788 billion, according to the Mortgage Daily Fourth Quarter 2013 Mortgage Origination Survey.
Business wasn’t as good as in the third quarter, when the Vienna, Va.-based organization closed $2.995 billion.
Volume also tumbled from the 13,108 loans funded for $3.122 billion during the final three months of 2012.
But mortgage production amounted to $11.077 billion for all of last year, improving from $10.286 billion closed in 2012.
All of Navy FCU’s originations are generated through the retail channel.
The total mortgage servicing portfolio finished last year at 190,923 loans for $36.970 billion.
Navy serviced 170,968 residential loans for $32.294 billion as of Dec. 31, 2012.
The most recent servicing portfolio included $17.579 billion in loans owned by Navy and $19.391 billion in third-party servicing.
Mortgage staffing at the credit union was 794 employees as of Dec. 31, 2013.
