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Business Retreats at Mortgage Master

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Mortgage Master Inc. was the first lender to report third quarter operational data, and both mortgage production and staffing were lower.

From July 1 until Sept. 30, home loan originations at the Walpole, Mass.-based lender totaled 4,234 units for $1.358 billion, according to the Mortgage Daily Third Quarter 2013 Mortgage Origination Survey.

Business slowed from the second quarter, when Mortgage Master reported that 5,628 loans were funded for $1.792 billion.

It was also worse than during the third quarter of last year, when residential loan production amounted to 6,299 loans for $1.946 billion.

During the first nine months of 2013, Mortgage Master originated 16,875 mortgages for $5.340 billion.

All of the company’s originations are generated through the retail production channel.

Staffing ended last month at 764 employees.

Headcount was down from 771 three months earlier but has grown from the same point last year, when 625 people were on board.

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