While quarterly mortgage production slid at Provident Funding Associates LP, the lender added more employees and pushed its mortgage servicing portfolio past $100 billion.
The Burlingame, Calif.-based company reported to Mortgage Daily that first-quarter mortgage originations totaled 24,704 units for $6.875 billion.
New business wasn’t as good as in the fourth quarter of last year, when residential loan production was 32,020 loans closed for $9.523 billion.
Provident lost ground compared to its first-quarter 2012 production of $9.109 billion.
Retail loan originators were responsible for $1.557 billion of volume during the first three months of this year. Mortgage brokers generated $4.325 billion in fundings, and correspondent acquisitions were $0.993 billion.
The mortgage servicing portfolio increased to 442,673 loans for $100.991 billion as of March 31 from 395,110 loans for $89.475 billion at the end of last year and roughly 260,000 loans for $54 billion around the same point last year.
The latest total included $63.079 billion in portfolio loans and $37.912 billion in mortgages serviced for third parties.
Staffing grew to 613 employees as of last month from 548 as of Dec. 31, 2012.
