Although quarterly and annual home lending retreated at Lake Michigan Credit Union, the servicing portfolio and mortgage staffing both expanded.
As last year concluded, the Grand Rapids, Michigan-based financial institution serviced 61,290 single-family loans with a collective unpaid principal balance of $9.739 billion.
Lake Michigan provided the data, in addition to other operational metrics, as part of the Mortgage Daily Fourth Quarter 2017Â Mortgage Origination Survey.
Third-party servicing accounted for $6.931 billion of the servicing portfolio.
As of Sept. 30, 2017, the total servicing portfolio was 60,224 loans for $9.526 billion, while it stood at 56,580 loans for $8.800 billion a year earlier.
Residential loan originations, which are generated solely through the retail channel, totaled 2,806 loans for $0.601 billion during the final quarter of last year.
Business slowed from 3,103 loans for $0.642 billion in the third quarter
and 3,575 loans for $0.742 billion in the fourth-quarter 2016.
Full-year mortgage production amounted to 11,410 loans for $2.379 billion,
down from 12,367 loans for $2.504 billion during all of 2016.
Mortgage staffing was 361 employees as of Dec. 31, 2017. Headcount expanded from 341 at the end of the third quarter and
332 at the end of 2016.
