As quarterly home lending activity slowed at Churchill Mortgage Corp., the size of the mortgage-banking firm’s staff was reduced.
The Brentwood, Tennessee-based company managed a small residential loan servicing portfolio of three units for less than $0.001 billion.
Churchill revealed the metrics, in addition to other operational results, as part of the Mortgage Daily First Quarter 2017Â Mortgage Origination Survey.
Although the servicing portfolio was mostly unchanged from the end of last year, it was down from
16 loans for $0.003 billion at the same point last year.
All of the servicing portfolio is loans owned by Churchill.
During the first-three months of this year, 1,305 loans were originated for $0.262 billion. Business subsided from 1,935 loans for $0.395 billion during the fourth-quarter 2016 and
1,508 loans for $0.302 billion in the first-quarter 2016. Churchill is among the few firms with a year-over-year drop in lending.
Churchill generates all of its business through the retail channel.
March 2017 concluded with 370 people on Churchill’s payroll. Headcount
was down 25 positions from year-end 2016 and from 382 employees as of March 31, 2016.
