Retail Originations Sink at Provident

Mortgage News

Mortgage Daily Staff

                                                 July 23, 2013

An uptick in quarterly correspondent lending wasn’t enough to offset a nearly one-half decline in retail mortgage originations at Provident Funding Associates LP. The mortgage lender added more employees.

Second-quarter home-loan production at Provident was 20,724 loans for $5.697 billion, according to Mortgage Daily’s second-quarter mortgage origination survey.

New business slowed at the Burlingame, Calif.-based firm from the first quarter, when 24,704 mortgages were funded for $6.875 billion.

Home loan production at Provident totaled $7.309 billion during the same quarter a year earlier.

From Jan. 1 through June 30 of this year, residential loan originations at Provident totaled 45,428 loans for $12.572 billion.

Retail mortgage originations accounted for $0.829 billion of second-quarter volume, sinking from $1.557 billion three months earlier.

Wholesale production declined to $3.586 billion from $4.325 billion.

But correspondent business grew — rising to $1.282 billion from $0.993 billion.

Provident serviced 484,568 loans for $110.713 billion as of June 30, growing the servicing portfolio from 442,673 mortgages for $100.991 billion at the end of March.

At the same point in 2012, the servicing portfolio stood at around 260,000 accounts for $54 billion.

Last month’s portfolio included 287,476 loans owned for $62.816 billion and 197,092 loans for $47.897 billion that were serviced for third parties.

Staffing at Provident expanded to 657 employees from 613 people at the end of the first quarter.

Mortgage Daily Staff

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