While home lending slowed at Navy Federal Credit Union, it was off less than the industry as a whole. Mortgage staffing and servicing, meanwhile, increased.
The mortgage servicing portfolio at the financial institution stood at 247,518 loans that had an aggregate unpaid principal balance of $51.020 billion as of March 31, 2017.
Those details, in addition to other operating metrics, were reported by the Vienna, Virginia-based firm as part of Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
Navy FCU
boosted its servicing portfolio from 246,643 home loans for $50.706 billion as of year-end 2016. It was also up from 237,963 mortgages for $48.267 billion as of the same point in 2016.
Third-party servicing accounted for $25.404 billion of the latest total.
The credit union originated 11,159 loans for $2.932 billion during the period that began at the beginning of January 2017 and ended at the end of March.
Mortgage production declined from
12,816 loans for $3.451 billion in the fourth-quarter 2016. The 15 percent quarter-over-quarter drop was better than the roughly one-third decline experienced by much of the industry.
Business was better than 9,114 loans closed for $2.276 billion in the first-quarter 2016.
Navy FCU originates all of its loans through the retail channel.
Mortgage staffing finished the first-quarter 2017 at 1,495 employees. The total increased from 1,400 people as of Dec. 31, 2016. Headcount was also up from 1,160 employees as of March 31, 2016.
