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Mortgage Staffing Increases at Finance of America

The size of the staff at Finance of America Holdings LLC has swelled by nearly 300 since the end of last year. While originations and servicing were down, a year-over-year bump in lending was noted.

Finance of America reported that it serviced 10,756 residential loans with a collective unpaid principal balance of $1.997 billion as of March 31. All of the loans were serviced for third parties.

The data was reported by the Horsham, Pennsylvania-based organization as part of the Mortgage Daily First Quarter 2018 Mortgage Origination Survey.

Finance of America’s servicing portfolio was diminished versus 10,920 single-family loans serviced for $2.039 billion as of year-end 2017 and 15,514 loans for $3.272 billion as of March 31, 2017.

During the first-three months of this year, 12,765 loans were closed for $3.375 billion. Retail originations accounted for $2.403 billion, while wholesale lending made up $0.971 billion.

Total production
softened from 17,133 loans funded for $4.353 billion during the final quarter of last year and 13,162 mortgages originated for $3.341 billion in the first quarter of last year.

Staffing closed out March 2018 at 3,980 people, more than the 3,700 employees on Finance of America’s payroll as of Dec. 31, 2017 and  3,769 positions as of the same date last year.

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