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Production Falls, Servicing Grows at Stearns

Residential loans originations slowed during the most recent quarter at Stearns Lending Inc. as the lender also trimmed its staffing. But the mortgage servicing portfolio continued to expand.

The Santa Ana, Calif.-based company reported that it originated 11,860 home loans for $2.941 billion during the three months ended Sept. 30.

Business slowed from the second quarter, when 15,934 loans were originated for $4.054 billion.

Mortgage production was also down from the third-quarter 2012, when $3.2 billion was originated.

From Jan. 1 through Sept. 30, Stearns funded 41,362 loans for $10.400 billion.

Third-quarter 2013 originations included $0.459 billion in retail business, $2.206 billion in wholesale volume and $0.277 billion in correspondent acquisitions.

The mortgage servicing portfolio ended last month at 79,819 loans for $18.658 billion, growing from 64,162 loans for $15.146 billion at the end of June.

The servicing portfolio was just $5.8 billion as of Sept. 30, 2012.

The latest number included third-party servicing of $18.635 billion.

As of the end of the most recent period, Stearns employed 1,444 people. Staffing was down from 1,525 employees at the end of the second quarter.

However, headcount still stood higher than 1,302 employees at the same point in 2012.

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