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Mortgage Origination Growth at Navy FCU

Mortgage production and servicing have both increased on a quarter-over-quarter and year-over-year basis at Navy Federal Credit Union.

Single-family loans serviced by the credit union ended June at 294,705 loans that had a collective unpaid principal balance of $64.461 billion.

The Vienna, Virginia-based financial institution provided the details, along with additional operating metrics, as a participant in the Mortgage Daily Second Quarter 2018 Mortgage Origination Survey.

Navy’s mortgage servicing portfolio increased from 288,043 loans for $61.993 billion at the end of March. It has additionally grown from 248,353 loans for $51.340 billion as of June 30, 2017.

The survey indicated that the credit union originated 15,610 loans for $4.313 billion. Business was solidly higher than 12,119 loans closed for $3.276 billion in the first quarter. Production also improved from 13,349 loans funded for $3.590 billion in the second-quarter 2017.

All of Navy’s mortgages were originated through the retail channel.

In the six-months ended June 30, there were 27,729 home loans closed for $7.588 billion.

Navy grew its mortgage headcount to 1,477 people from 1,462 as of March 31.

But staffing has subsided from of mid-year 2017, when there were 1,496 people on the organization’s home-lending payroll.

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