Though quarter-over-quarter home loan activity fell short at Lake Michigan Credit Union, the decline was minimal. Plus, the credit union gained in servicing and staffing.
Based on the lender’s participation in the Mortgage Daily First Quarter 2015 Origination Survey, Lake Michigan funded 2,900 loans at $0.591 billion from Jan. 1 through March 31.
Loan volume neared fourth-quarter 2014 production, when 2,946 loans were originated for $0.594 billion.
Lending was up, however, from the first-quarter 2014, a period that saw 1,548 loans closed for $0.275 billion.
The latest total included $0.419 billion in retail originations. The remaining $0.172 billion came from correspondent acquisitions.
The Grand Rapids, Michigan-based mortgage provider reported a residential loan servicing portfolio of 46,234 loans at $6.965 billion.
Included in the total was $5.067 billion in third-party servicing and a $1.898 billion investment portfolio.
Altogether, the loan servicing portfolio grew from 44,786 loans for $6.706 billion at the end of December last year and 39,406 loans for $5.771 billion as of the end of March, also last year.
At the end of the first-quarter 2015, mortgage staff members numbered 280.
The payroll was 13 more than accounted for at the end of last year.
As well, staff count was above the 211 reported as of March 31, 2014.
