Quarterly mortgage originations were down from the prior period at Lake Michigan Credit Union, as was annual lending. The servicing portfolio grew, though.
As of Dec. 31, 2016,
the Grand Rapids, Michigan-based credit union serviced 56,580 residential loans with an aggregate principal balance of $8.800 billion.
The mortgage servicing portfolio expanded from 55,030 loans serviced for $8.513 trillion three months earlier and 51,732 loans for $7.964 billion a year earlier.
Last month’s total consisted of
$2.403 billion in owned loans and $6.396 billion in third-party servicing.
Mortgage originations during the most-recent three-month period totaled 3,575 loans funded for $0.742 billion. Business slipped from 3,595 mortgages closed for $0.748 billion in the third quarter but was better than 2,614 loans originated for $0.501 billion in the fourth-quarter 2015.
During all of 2016, mortgage production amounted to 12,367 loans for $2.504 billion.
Business slowed from 12,813 loans closed for $2.556 billion.
All of Lake Michigan Credit Union’s originations are generated through the retail channel.
Mortgage staffing concluded last year at 332
employees, one fewer than as of Sept. 30, 2016. There were 315 people on the mortgage payroll as of year-end 2015.
