Home-lending activity was up by a fifth at Lake Michigan Credit Union’s, as the size of its servicing portfolio rose, and its mortgage payroll grew larger.
There were 55,030 residential loans being serviced for $8.513 billion as of the end of the third-quarter 2016 at the
Grand Rapids, Michigan-based firm.
The numbers, as well as other operational metrics, were revealed as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.
Lake Michigan’s servicing portfolio
expanded from 53,933 loans for $8.325 billion as of mid-2016 and 50,352 loans for $7.723 billion as of Sept. 30, 2015.
The credit union closed 3,595 loans for $0.748 billion during the three months ended Sept. 30, 2016.
Business improved from 3,113 mortgages funded for $0.623 billion in the second quarter
and 3,546 loans originated for $0.708 billion during the third-quarter 2015.
The year-over-year improvement was even more significant given that the financial institution exited the correspondent channel around this time last year, leaving the retail channel as the only source of new business, according to a written statement from
Lake Michigan Credit Union Vice President of Secondary Marketing John Collins.
Mortgage production for the first-three quarters of 2016 amounted to 8,792 loans for $1.762 billion.
Mortgage staffing finished last month at 333 employees.
Headcount expanded by 12 people compared to three months earlier and
by 42 people compared to one year earlier.
