As the size of the residential loan servicing portfolio ascended at Alaska USA Federal Credit Union, the volume of quarterly mortgage production descended.
The financial institution closed 840 home loans for $0.211 billion during the period started on Jan. 1 and ended on March 31.
Business slumped compared to the last three months of 2015, when 1,058 mortgages were funded for $0.252 billion.
The lending data, as well as servicing and employment metrics, were provided as part of
the Mortgage Daily First Quarter 2016 Mortgage Origination Survey.
Residential loan production was also down from the first-three months of 2015, when 1,004 loans were originated for $0.247 billion.
All of the credit union’s business is obtained through the retail lending channel.
The Anchorage, Alaska-based organization reported that it serviced 27,647 mortgages for $5.190 billion.
The servicing portfolio
stood at 27,653 loans for $5.184 billion at the end of the fourth-quarter 2015 and 26,961 loans for $4.959 billion at the close of the first-quarter 2015.
The March 31, 2016, total included $4.870 billion in third-party servicing.
As of the most-recent date, there were 215 mortgage employees on Alaska USA’s payroll.
Mortgage staffing
contracted from 223 people as of Dec. 31, 2015, and 218 as of March 31, 2015.
