Lake Michigan Credit Union’s real estate finance business expanded — with a quarterly increase in home lending, servicing and staffing reported.
The Grand Rapids, Michigan-based organization’s mortgage servicing portfolio closed out the first-half 2016 at 53,933 loans for $8.325 billion.
That is according to data provided by the credit union in conjunction with
the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.
The portfolio expanded from March 31, 2016, when Lake Michigan serviced 52,606 home loans for $8.086 billion.
It was also more than as of June 30, 2015, when 50,693 mortgages were serviced for $7.422 billion.
Residential loan originations totaled 3,113 loans for $0.623 billion during the three months ended June 30 of this year.
All loans were originated through the retail channel.
Business surged from the first quarter, when 2,084 loans were closed for $0.391 billion.
But mortgage production declined from the second-quarter 2015, when 3,753 loans were funded for $0.755 billion.
From the beginning of this year through June 30, home lending came to 5,197 loans for $1.014 billion.
There were 321 mortgage employees on the financial institution’s payroll as of June 30, 2016.
Staffing was up six employees from the end of the first-quarter 2016.
Headcount also increased from one year previous,
when 290 people worked in the Lake Michigan’s mortgage division.
