Quarterly mortgage production at New American Funding slowed on a quarter-over-quarter basis, though business was better on a year-over-year basis. Staffing and the servicing portfolio both continued to expand.
During the first three months of this year, residential originations totaled 3,572 loans for $0.973 billion, the Irvine, Calif.-based company reported to Mortgage Daily.
Mortgage production slowed from the fourth-quarter 2012, when the total was 3,801 loans originated for $1.099 billion.
In the first-quarter 2012, New American Funding closed 2,391 loans for $0.735 billion.
First-quarter 2013 activity included $0.875 billion in retail originations and $0.098 billion from the wholesale channel.
The mortgage servicing portfolio finished last month at 8,671 loans for $2.276 billion. The portfolio grew from three months earlier, when New American Funding owned mortgage servicing rights on 6,227 loans for $1.678 billion.
Headcount closed out March at 685 employees. Staffing expanded from 586 employees at the end of last year.
At the same point in 2012, staffing stood at 424 people.
