Despite Lake Michigan Credit Union coming up just short of second-quarter 2013 numbers, a quarter-over-quarter juxtaposition revealed a mortgage production tidal wave for the lender. Loan servicing and employee count also reached new heights.
The credit union funded 2,440 loans at $0.454 billion in overall mortgage production in the three months ended June 30, according to Mortgage Daily’s Second Quarter 2014 Origination Survey.
The Grand Rapids, Mich.-based lender saw current loan volume climb over last quarter’s 1,548 loans for $0.275 billion.
The latest figures brought Lake Michigan’s year-to-date total to 3,988 loans for $0.729 billion.
Eric Burgoon, senior vice president over mortgage lending for Lake Michigan, attributed part of this growth to the credit union’s focus on purchase business, which started in 2012 and is paying dividends this year.
As well, Burgoon listed expansion into the metropolitan Detroit area and positive customer sentiment about credit unions over big banks as other reasons for quarter-over-quarter growth.
“Last month was our best month ever,” Burgoon said.
Retail channels alone produced 1,907 residential loans for $0.343 billion — an increase over the 1,110 loans worth $0.180 billion reported for the first quarter.
The 533 correspondent loans acquired for $0.110 billion also gained some ground over last period’s 438 loans equal to $0.095.
Despite these quarter-over-quarter gains, overall production rates still fell slightly short of second-quarter 2013 numbers.
Last year, the 80-year-old institution reached 3,278 loans at $0.549 billion.
As the second quarter closed, however, Lake Michigan’s servicing portfolio showed positive growth over both the previous quarter and previous year –reaching 40,885 loans for $6.010 billion.
At March’s close, the portfolio contained 39,406 loans making up $5.771 billion.
At the close of second-quarter 2013, the credit union serviced 35,163 loans at $5.141 billion.
As well, as of June 30, forty more people received Lake Michigan paychecks over the 211 mortgage employees counted as of March 31.
This headcount also was higher than the 204 staff members reported as of second-quarter 2013’s end.
