Home loan originations were down for the fifth consecutive quarter at Provident Funding Associates LP, while annual activity was down by more than half.
Based on Mortgage Daily’s Fourth Quarter 2013 Mortgage Origination Survey, residential loan production amounted to 5,344 loans for $1.372 billion during the final three months of 2013.
Fundings fell from 8,392 home loans closed for $2.146 billion in the prior three-month period.
Business has plummeted from the fourth-quarter 2012, when the Burlingame, Calif.-based firm originated 32,020 mortgages for $9.523 billion.
In fact, mortgage production has been lower each quarter since the third-quarter 2012, when 32,753 loans were funded for $9.869.
During all of last year, Provident originated 59,164 loans for $16.090 billion, falling by more than half from the $35.810 billion in loan originations for full-year 2012.
Fourth-quarter 2013 volume included $0.243 billion in retail originations, $0.625 billion in wholesale production and $0.504 billion in correspondent acquisitions.
Provident said it serviced 409,464 loans for $91.998 billion as of Dec. 31, cutting its portfolio from 502,056 loans for $115.056 billion as of Sept. 30.
But the servicing portfolio was still larger than as of Dec. 31, 2012, when 395,110 loans were serviced for $89.475 billion.
Last month’s servicing portfolio included $61.912 billion in loans owned by Provident and $30.086 billion in third-party servicing.
Staffing ended last year at 719 employees.
Headcount was off from 751 people as of the end of the third quarter and 548 employees at the end of 2012.
