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Mortgage Originations Up From Year Ago at Navy FCU

Navy Federal Credit Union managed to boost its quarterly home lending volume from a year ago. The firm’s mortgage servicing portfolio continued to grow.

As of March 31, the Vienna, Virginia-based organization serviced 288,043 single-family loans that had an aggregate unpaid principal balance of $61.993 billion.

The servicing statistics, along with additional operating metrics, were provided by the credit union as part of the Mortgage Daily First Quarter 2018 Mortgage Origination Survey.

Servicing included $31.279 billion in loans serviced for the agencies and investors.

The total portfolio grew from 280,980 loans for $60.476 billion as of year-end 2017 and 247,518 loans for $51.020 billion as of the same date last year.

Residential loan production came to 15,407 loans for $3.482 billion during the first-three months of this year. All of the loans were originated through the retail lending channel.

In the fourth-quarter 2017, Navy FCU originated 14,388 loans for $3.905. Business was much stronger, though, than the 11,159 loans closed for $2.932 billion in the first-quarter 2017.

When the first quarter of this year concluded, there were 1,987 mortgage employees on the credit union’s payroll. Staffing
soared from 1,441 people as of Dec. 31, 2017, and 1,495 employees on the same date last year.

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