New business was slower at Stearns Lending Inc. on a quarter-over-quarter basis, though year-over-year activity was up. The company’s mortgage servicing portfolio grew.
During the first quarter, the Santa Ana, Calif.-based firm closed 13,568 loans for $3.405 billion, according to operational data supplied to Mortgage Daily.
Business slowed from the fourth-quarter 2012, when Stearns originated $3.7 billion in residential loans.
However, mortgage production increased from $2.142 billion previously reported for the first-quarter 2012.
Retail originations during the most recent period accounted for 2,034 units for $0.486 billion. The wholesale channel generated 10,013 loans for $2.566 billion, and correspondent volume was 1,521 loans for $0.353 billion.
The total mortgage servicing portfolio finished last month at 49,721 loans for $11.689 billion. The total included 17 portfolio loans for $2.307 billion.
The servicing portfolio has grown from the end of last year, when Stearns serviced $9 billion in home loans.
Staffing at the mortgage lender has expanded to 1,464 employees from 1,400 people three months earlier.
