Despite a drop in quarterly home-lending volume at Lake Michigan Credit Union, the size of the mortgage servicing portfolio and payroll expanded.
When March 2017 concluded, the
Grand Rapids, Michigan-based organization serviced 57,674 residential loans with a collective unpaid principal balance of $8.992 billion.
The financial institution reported the data, along with other operational metrics, as part of the Mortgage Daily First Quarter 2017Â Mortgage Origination Survey.
Lake Michigan’s servicing portfolio
increased from 56,580 loans for $8.800 billion as of three months earlier and 52,606 loans for $8.086 billion as of one year earlier.
Third-party servicing made up $6.541 billion of the latest total.
The credit union closed 2,331 loans for $0.476 billion during the first-three months of this year. Business slowed from 3,575 loans funded for $0.742 in the fourth-quarter 2016 but picked up from 2,084 loans for $0.391 billion in the first-quarter 2016.
A hundred percent of Lake Michigan’s business is generated through the retail origination channel.
Mortgage headcount at the financial institution was 348 people as of March 31, 2017. Staffing grew from 332 employees at the end of last year and
315 people at the same point last year.
