Home lending activity increased at Lake Michigan Credit Union, as did the size of its residential loan servicing portfolio and its mortgage staff.
After the publication of this story, Lake Michigan Credit Union provided revised fourth-quarter 2015 production data. John Collins, vice president of secondary marketing, provided the following explanation:
“It looks like I accidentally included September’s numbers in the survey I originally sent you.”
The story has been revised to reflect the corrected information.
The credit union closed 2,614 loans for $0.501 billion during the three months ended Dec. 31, 2015.
The numbers, as well as other operational data, were provided as part of the Mortgage Daily Fourth Quarter 2015 Mortgage Origination Survey.
Business at the Grand Rapids, Michigan-based organization was better than in the previous three-month period, when 3,546 mortgages were funded for $0.708 billion.
Activity was also stronger than in the fourth-quarter 2014, when 2,946 mortgages were originated for $0.594 billion.
The latest quarter included $0.639 billion in retail originations and $0.075 billion in correspondent acquisitions.
Full-year 2015 mortgage production came to 12,813 loans for $2.556 billion, more than the 9,941 loans originated for $1.919 billion in 2014.
Lake Michigan said it serviced 51,732 loans for $7.964 billion as of Dec. 31, 2015.
The servicing portfolio expanded from 50,352 loans serviced for $7.723 billion three months earlier
and 44,786 loans serviced for $6.706 billion as of Dec. 31, 2014.
There were 315 mortgage employees on staff as of the end of last year.
Headcount increased from 291 people at the end of the third quarter
and 267 employees at the end of 2014.
