Quarterly mortgage originations were slower at Finance of America Holdings LLC. Also diminishing was the lender’s staffing and servicing portfolio.
The Horsham, Pennsylvania-based firm serviced 15,514 single-family loans with an aggregate unpaid principal balance of $3.272 billion as of March 31.
Finance of America disclosed the data, along with other
operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
The servicing portfolio
contracted compared to year-end 2016, when 18,402 loans were serviced for $4.011 billion. But there was solid growth versus 7,814 loans serviced for $1.290 billion as of March 31, 2016.
During the first-three months of this year, 13,162 mortgages were originated for $3.341 billion. Business, including forward and reverse mortgages, tumbled from
19,329 loans for $5.282 billion in the final quarter of last year. But production accelerated from 10,493 loans funded for $3.080 billion in the first quarter of last year, though the year-earlier figure excludes reverse mortgages.
First-quarter 2017 volume consisted of $2.443 billion in retail originations and $0.898 billion in wholesale lending.
Staffing concluded the most-recent period at 3,769 employees. Headcount was reduced from 4,074 people as of Dec. 31, 2016, but increased from 3,484 as of March 31, 2016.
