While residential loan servicing and quarterly originations were slightly lower at Navy Federal Credit Union, there was an expansion in mortgage staffing.
The Vienna, Virginia-based firm serviced 246,643 home loans that had an aggregate unpaid principal balance of $50.706 billion as of Dec. 31, 2016.
Those details, along with other operational metrics, were reported as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
The servicing portfolio was reduced from 249,566 mortgages for $51.631 billion as of three months earlier. The portfolio, however, increased from 233,782 loans for $47.437 billion year earlier.
The most-recent total consisted of
$24.593 billion in third-party servicing and $26.112 billion in owned loans.
Navy FCU originated 12,816 loans for $3.451 billion loans during the final three-month period of last year. Business was little changed from 13,171 loans closed for $3.524 billion in the third quarter.
But production improved from 10,624 loans funded for $2.670 billion as of the fourth-quarter 2015.
All of the financial institution’s business was generated through the retail channel.
From Jan. 1 through Dec. 31 of last year, mortgage production amounted to 48,362 loans for $12.744 billion,
about the same as the 48,146 loans originated for for $12.261 billion in 2015.
Mortgage staffing at Navy FCU
was boosted to 1,400 employees as of year-end 2016 from 1,310 at the end of the previous quarter and 1,112 people at the end of the previous year.
