Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased. Annual originations, including wholesale and correspondent, are likely to fall.
The Melville, New York-based company serviced 116,399 single-family loans that had an aggregate unpaid principal balance of $24.139 billion as of March 31.
TMS revealed the numbers, along with other operational metrics, as part of the the Mortgage Daily First Quarter 2018 Mortgage Origination Survey.
Agency and other third-party servicing accounted for just $1.387 billion of the servicing portfolio.
The total servicing portfolio has grown from the end of last year, when it stood at $21.0 billion.
During the first-three months of this year, TMS originated 9,236 loans for $2.170 billion.
The total was comprised of $0.180 billion in retail originations, $0.232 billion in wholesale lending and $1.758 billion in correspondent acquisitions.
Mortgage production for all of last year was $9.58 billion. Extrapolating first-quarter business, this year’s production is likely to come in around $8.7 billion — a decline from 2017.
When the first-quarter 2018 concluded, there were 684 people on TMS’ payroll.
Staffing was previously reported at 600 in January.
