A decline in mortgage production at Provident Funding Associates LP was accompanied by contraction in the servicing portfolio and staffing.
Third-quarter 2015 residential loan originations came in at 4,579 units for $1.238 billion.
Provident provided the data, along with other operational details, as part of the Mortgage Daily Third Quarter 2015 Mortgage Origination Survey.
Business
slumped compared to the three months ended June 30, when 7,095 residential loans were closed for $1.980 billion.
Mortgage production
also descended from the same three-month period in 2014, a period that saw 5,069 loans originated for $1.358 billion.
For all of the first-nine months of 2015, volume totaled 19,687 loans funded for $5.486 billion.
Third-quarter 2015 volume consisted of $0.290 billion in retail originations, $0.799 billion in wholesale business and $0.149 billion in correspondent acquisitions.
The
Santa Rosa, Calif-based company reported that it serviced 336,892 home loans for $72.470 billion as of Sept. 30, 2015.
The servicing portfolio was reduced, based on the aggregate principal balance, from three months earlier, when it stood at 288,875 loans for $78.342. (corrected data provided by Provident after the publication of this story had the number of loans serviced as of June 30, 2015, at 359,509)
It was down even more significantly compared to Sept. 30, 2014, when 416,466 loans were serviced for $92.691 billion.
The final metric culled from the origination survey — staffing — finished the third-quarter 2015 at 526 employees, fewer than 569 as of mid-year 2015.
At the same point in 2014, headcount was
627 employees.
