Although mortgage originations subsided at Navy Federal Credit Union, the financial institution reported that its home lending staff expanded and its mortgage servicing portfolio increased.
Residential loans that were closed during the three months ended March 31 came to 9,114
units funded for $2.276 billion.
Business
sank compared to the final-three months of 2015, when 10,624 mortgages were closed for $2.670 billion.
Mortgage production also fell short of the first-three months of last year, when 9,838 home loans were funded for $2.487 billion.
The numbers, in addition to other operational data, were reported by the Vienna, Virginia-based firm as part of the Mortgage Daily First Quarter 2016 Mortgage Origination Survey.
A hundred percent of Navy FCU’s originations are generated through the retail channel.
As of March 31, 2016 the
financial institution serviced 237,963 mortgages for $48.267 billion.
The servicing portfolio grew from
233,782 loans for $47.437 billion as of year-end 2015 and 212,781 loans for $42.051 billion as of March 31, 2015.
The first-quarter 2016 servicing portfolio included $23.517 billion in servicing for third parties.
As of the most-recent date, there were 1,160 mortgage employees on staff.
Headcount
expanded from 1,112 people at the conclusion of the fourth-quarter 2015 and 977 people at the close of the first-quarter 2015.
