In Lake Michigan Credit Union’s mortgage business, loan production leapt, the servicing portfolio continued to grow, and the number people on the payroll expanded.
The Grand Rapids, Michigan-based organization serviced 63,627 single-family loans with a collective unpaid principal balance of $10.269 billion as of mid-2018.
Lake Michigan disclosed the details, along with other operational metrics, as part of the Mortgage Daily Second Quarter 2018Â Mortgage Origination Survey.
Included in the total was $7.127 billion in third-party servicing.
The servicing portfolio increased from 62,085 loans for $9.891 billion the prior quarter
and 58,949 mortgages for $9.263 billion a year prior.
From April 1 through June 30, the credit union originated 3,327 residential loans for $0.772 billion. All of the loans came from the retail lending channel.
Business accelerated from 2,181 loan for $.0481 billion in the first quarter and 3,170 mortgages for $0.660 billion in the second-quarter 2017.
During all of the first half of this year, 5,508 loans have been closed for $1.254 billion.
Mortgage staffing grew to 388 people from 376 as of March 31. As of mid-2017, there were just 345 mortgage employees on Lake Michigan’s payroll.
