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Churchill Fundings Slow as Staff Grows

Mortgage News

Quarterly mortgage originations were lower at Churchill Mortgage. Staffing, however, increased, and the company reported that it has now accumulated a small residential servicing portfolio.

The Brentwood, Tenn.-based company reported to Mortgage Daily that second-quarter mortgage production was 1,493 loans for $0.265 billion.

Originations declined from the first quarter, when Churchill closed 1,692 loans for $0.294 billion.

But Churchill, which generates all of its business through retail loan originators, managed to lift volume from the second-quarter 2012, when 1,475 loans were funded for $0.258 billion.

During the first half of this year, mortgage production totaled 3,185 units for $0.559 billion.

The servicing portfolio included seven loans for less than $0.001 billion as of June 30. All of the loans serviced were part of the lender’s investment portfolio.

Churchill reported no servicing in the first quarter.

Headcount finished the second quarter at 340 employees.

Staffing increased from three months earlier, when 319 people were on board, and a year earlier, when there were 260 employees.

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