Mortgage originations at First Choice Loan Services Inc. jumped from the first quarter and fared well compared to a year earlier. Meanwhile, employee headcount increased.
In the second quarter, the wholly owned subsidiary of First Choice Bank funded 2,144 residential home loans at $0.553 billion, as provided in Mortgage Daily’s Second-Quarter 2014 Mortgage Origination Survey.
All home loans were originated through First Choice’s retail business.
This recent production performance gave the East Brunswick, N.J.-based lender a 57 percent boost over the first quarter — far stronger than the 24 percent increase tracked so far for the industry overall.
In total, the lender has closed 3,499 home loans at $0.906 billion in the first six months this year.
With $0.049 billion less lending activity than second-quarter 2013 occurrences, First Choice’s 8 percent decline was minute compared to the average 55 percent year-over-year decline experienced by other lenders covered by Mortgage Daily.
First Choice, which is licensed to originate and close home loans in all but one state, did not service any loans.
As of June 30, First Choice counted 492 employees, an increase over the 459 accounted for as of the end of March.
The quarter-over-quarter staffing increase included Peter Johnson, senior vice president of operations and risk management. According to a June 26 press release announcing the company’s new-hire, Johnson most recently served as vice president of credit and operational risk at PHH Mortgage Corp.
Headcount declined, however, from the 546 people reported at the culmination of June last year.
