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Mortgage Originations Up at Finance of America

New quarterly mortgage business was better at Finance of America Holdings LLC. But the size of the company’s servicing portfolio and staff was down.

At the end of the first half, the Horsham, Pennsylvania-based company serviced 10,559 single-family loans that had an aggregate unpaid principal balance of $1.949 billion.

Those details, as well as other operational metrics, were provided by Finance of America as part of the Mortgage Daily Second Quarter 2018 Mortgage Origination Survey.

The servicing portfolio was trimmed from 10,756 loans for $1.997 billion three months earlier. It was also lower than 11,338 loans for $2.155 billion one year earlier.

Residential loans originations totaled 16,119 loans for $4.489 billion during the latest period. Business increased from 12,765 loans for $3.375 billion in the first quarter and was even a little better than 16,748 loans for $4.344 in the second-quarter 2017.

So far this year, mortgage production amounted to 28,884 loans for $7.864 billion.

Second-quarter 2018 originations included $3.295 billion in retail fundings and $1.194 billion in wholesale lending.

As of June 30, 2018, there were 3,760 people on Finance of America’s payroll. Staffing was reduced from 3,980 employees as of March 31 but was up slightly from 3,749 people as of mid-2017.

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