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Originations, Servicing and Staffing Up at Navy FCU

In addition to boosting its quarterly home lending activity, Navy Federal Credit Union added to its servicing portfolio and grew its payroll.

Residential loan originations at the financial institution totaled 14,207 loans for $3.661 billion during period from April 1 through June 30.

The Vienna, Virginia-based company shared the lending numbers, as well as other operational statistics, as part of the Mortgage Daily Second Quarter 2015 Mortgage Origination Survey.

Lending activity shot up from the previous three-month period, when 9,838 home loans were closed for $2.487 billion.

Business was also better than in the same three-month period last year, when
7,641 loans were funded for $1.828 billion.

During the six months ended June 30, 2015, mortgage production came to 24,045 units for $6.148 billion.

All of the credit union’s loans were originated through the retail channel.

Navy FCU reported that it serviced 220,708 loans for $44.087 billion as of mid-year 2015.

The mortgage servicing portfolio grew from three months earlier, when it stood at 212,781 loans for $42.051 billion.

It was also larger than on June 30, 2014, when 196,781 loans were serviced for $38.244 billion.

The June 30, 2015, total included $22.462 billion in loans owned as investments and $21.624 billion in mortgages serviced for third parties.

Mortgage staffing at Navy FCU finished June at
1,091 employees.

Headcount expanded from 977 people at the end of March and
916 people on the payroll as of mid-2014.

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