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Mortgage Originations Slow Down at Quicken

New business was lower at Quicken Loans Inc. for the second consecutive quarter. But the online lender maintained its staffing and grew its servicing portfolio.

Residential loan production during the third quarter amounted to $17.0 billion, according to the Mortgage Daily Third Quarter Origination Survey.

New business tumbled from the second quarter, when Quicken originated $23.8 billion and business was down from the first quarter.

Loan production was also lower than the three months ended Sept. 30, 2012, when Quicken closed $20.1 billion.

During the first nine months of 2013, loan fundings totaled $66.3 billion.

Quicken has previously reported that most of its business is generated through the retail origination channel, though some correspondent business is acquired through Quicken Loans Mortgage Services.

The mortgage servicing portfolio closed out last month at $137.1 billion.

The portfolio expanded from the end of June, when Quicken serviced $131.5 billion.

No servicing portfolio was reported for a year earlier.

There was no change in staffing from the end of the second quarter, when 10,000 team members were on Quicken’s payroll.

Headcount, however, has grown from Sept. 30, 2012, when 5,500 people were employed by the Detroit-based lender.

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